2019.11.1410:37:00UTC+00Gold Prices Rise On Weak China Data

Gold prices inched higher on Thursday as weak data from Asia and Europe stoked concerns that a global slowdown is deepening.

Spot gold edged up 0.4 percent to $1,468.37 per ounce, while U.S. gold futures were also up 0.4 percent at $1,469.05 per ounce.

China reported unexpectedly weak data, with both industrial output and retail sales growth coming in below estimates.

Japan's economy grew at the slowest pace in a year in the third quarter.

Australia's employment situation got worse in October, with the jobless rate rising from 5.2 percent to 5.3 percent and more than 19 thousand people losing their jobs.

In Europe, U.K. retail sales decreased in October as a now-delayed Brexit deadline approached.

Eurozone Q3 GDP came in at 0.2 percent as expected, while the annual reading came in at 1.2 percent.

The dollar index edged down slightly after Fed Chair Jerome Powell reiterated in Congressional testimony on Wednesday that the central bank is likely to leave interest rates unchanged in the near future.

He will continue his second day of testimony on Capitol Hill today before the House Budget Committee.