NEWS： Risk willingness boosted by Chinese data
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Gold prices fell Wednesday, near the 2009 low hit in the previous trading day, as China's economic growth data eased concerns about global growth and prompted investors to turn to riskier assets.
At 1740 GMT, spot gold fell 0.2% to $1,274.15 an ounce, with a 1.2% drop to $1,272.70, the lowest since December 27.
U.S. gold futures closed flat at $1,276.80.
"China's data are fairly good, suggesting that fears of a global slowdown have been largely alleviated, which should increase risk appetite and thus put a heavy burden on gold," said Bart Melek, head of commodity strategy at Dominican Securities.
China's economic growth in the first quarter remained stable at 6.4%, exceeding the expected 6.3%.
The data boosted the global attraction for risky assets and pushed the stock market up as a whole.
However, analysts said that the slight decline in the dollar provided some support for gold prices.
On the technical front, analysts and traders said gold prices fell below the psychological threshold of $1,300 an ounce and other key support levels, including the 100-and 50-day moving average, suggesting further declines.
Analysts at Commerzbank in Germany wrote in a research report that gold prices could weaken further in the near future, possibly testing the $1,259 threshold and possibly holding it.
SPDR Gold Trust, the world's largest gold-backed listed trading fund, has seen its gold holdings fall by 4.5% so far this year.
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