2019.11.0110:32:00UTC+00Gold Holds Steady After Upbeat China Data

Gold prices held steady on Friday as strong manufacturing data from China helped ease investor concerns surrounding slowing global growth.

Spot gold slid 0.1 percent to $1,511.66 per ounce, but remained on track for a weekly gain of about half a percent. U.S. gold futures were also down marginally at $1,513.85 per ounce.

Growth concerns eased somewhat after data from IHS Markit showed China's manufacturing sector expanded at the fastest pace since early 2017 in October, signaling an improvement in operating conditions for three months running.

The manufacturing PMI rose to 51.7 from 51.4 in September with the latest improvement the strongest since February 2017 as output and new orders both expanded at steeper rates.

However, Japanese factory activity sank to more than a three-year low in October in a fresh warning sign for the world's third-largest economy.

U.K.'s manufacturing activity decreased at the slowest pace in six months in October, but remained constrained by ongoing political and economic uncertainties as output, new orders and employment continued to fall, survey data from IHS Markit showed.

Investors continued to watch the latest developments on the trade front after a new report from Bloomberg suggested that Chinese officials are unwilling to budge on the thorniest issues and have cast doubts about reaching a comprehensive long-term trade agreement.