PRECIOUS-Gold slips after promising China data; set for weekly rise – Investing.com India

PRECIOUS-Gold slips after promising China data; set for weekly rise – Investing.com India

* Gold hovers below Thursday's 1-month peak* China factory gate prices rise by most in nearly 3 years (Adds comments; updates prices)By Diptendu LahiriApril 9 (Reuters) - Gold prices fell on Friday as robust economic data from China boosted hopes of a swift recovery, although bullion was set to rise more than 1% on the week as the U.S. dollar and Treasury yields pulled back from recent highs.China's March factory gate prices rose at their fastest annual pace since July 2018, beating estimates. gold fell 0.2% to $1,751.86 per ounce by 0423 GMT, having hit its highest since March 1 at $1,758.45 an ounce on Thursday. U.S. GCv1 slipped 0.3% to $1,753.40 per ounceStill, the metal has gained nearly 1.5% this week, after two weeks of losses."The (falling) dollar and Treasury yields have helped gold this week along with the Fed's dovish tone, that has been topped with lockdowns in Europe and parts of Asia with some negative vaccine results," said Brian Lan, managing director at dealer GoldSilver Central. USD/"On the other side, a strong data set from the United States have led some short-term investors to book some profits after the metal climbed to a one-month high