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Gold futures declined for the first time in three days as Chinese data signaled improving economic growth, easing pressure on the government to announce measures to boost expansion.
China’s industrial production, retail sales and fixed-asset investment accelerated in September after a seven-quarter slowdown. European Union leaders are meeting in Brussels for two days starting today. Gold surged 11 percent in the last quarter after the U.S., Japan and the European Central Bank enacted measures to stimulate growth, increasing demand for the precious metal as an inflation hedge.
China’s gross domestic product expanded 7.4 percent in the third quarter from a year earlier, matching economists’ estimates. The country’s economic growth has started to stabilize, the official Xinhua News Agency reported yesterday, citing Premier Wen Jiabao.
Gold futures for November delivery slid to $1,743.00 an ounce on the Comex in New York.
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