Gold gains as weak China data dents risk appetite

BENGALURU, Nov 14 (Reuters): Gold prices inched up on Thursday as Asian equities turned lower after weaker-than-expected economic data out of China weighed on risk appetite, boosting demand for safe-haven assets.

Spot gold was up 0.2 per cent at $1,466.51 per ounce, as of 0752 GMT, while US gold futures rose 0.3 per cent at $1,467.10 per ounce.

Asian stocks fell after China's industrial output grew significantly slower than expected in October, as weakness in global and domestic demand and the drawn-out Sino-US trade war weighed on activity in the world's second-largest economy.

"Gold is being supported as the Chinese industrial production and retail sales came way below expectations," OANDA analyst Jeffrey Halley said.

"Another deterioration in Hong Kong this week will further support gold, but it's really all about this ongoing trade talks, which is becoming like a broken record."

China's Commerce Ministry said cancelling tariffs is an important condition for reaching trade agreement with the US, a day after US President Donald Trump threatened to ramp up tariffs on Chinese goods if the countries failed to reach a deal on trade.