2019.03.2707:43:00UTC+00Gold Inches Higher On Soft Data

Gold prices inched higher on Wednesday as soft data from the U.S. and China rekindled investor worries about slowing growth.

Spot gold and U.S. gold futures were up around 0.2 percent at $1,318.39 per ounce and $1,324.25 an ounce, respectively.

U.S. homebuilding fell more than expected in February and consumer confidence ebbed in March, fanning fresh concerns on global growth.

China's industrial firms posted their worst slump in profits since late 2011 in the first two months of this year, data showed today, as factory-gate prices in automobile, oil refining, steel and chemical all declined during the period from last year.

Markets were also reacting to ECB President Mario Draghi's comments that risks to the euro area's economic outlook remain tilted to the downside.

Meanwhile, U.K. lawmakers will be voting on alternatives to Theresa May's Brexit deal in a series of "indicative votes" later today.