Gold inches up on weak economic data, but firm dollar caps gains

Gold prices edged up on Thursday as a dip in equities and weak economic data from far and wide raised flags about the pace of global economic growth, while a firm dollar curbed further gains for the metal. Spot gold rose 0.2 per cent to $1,277.72 per ounce at 0815 GMT.

US gold futures were steady at $1,279.60 an ounce. Asian shares took a hit after data showed German business morale deteriorated in April as trade tensions hurt the industrial engine of Europe's largest economy. South Korean economy also unexpectedly contracted.

This article is no longer available in our repository.

There could be multiple reasons for this.