Gold prices fall marginally on weak economic data

Gold dipped on Monday, extending its steep sell-off from the previous session, as China's economy grew slower than expected in Q3 2021.

Data released today showed China's economy slowed in the third quarter, as headwinds from a property slump to an energy crisis and subdued consumer spending weighed on growth.

Bank of England (BoE) Governor Andrew Bailey said they were gearing up to raise interest rates for the first time since the onset of the coronavirus crisis as inflation risks mount.

Gold futures contracts for December fell 0.1% to $1,766.60 per ounce at 10.35 am Makkah time. Spot gold fell 0.2% to $1,764.86 per ounce.

Spot silver fell 0.1% to $23.26 per ounce, while platinum eased 0.7% to $1,047.58.