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2020.06.1210:38:00UTC+00Gold Inches Higher After Dismal Data

Gold prices rose slightly on Friday as a slew of weak data from Eurozone and the U.K. added to growth worries.

Spot gold rose 0.4 percent to $1,735.11 per ounce, while U.S. gold futures were up 0.2 percent at $1,742.75.

Eurozone industrial output decreased 17.1 percent on a monthly basis in April, following an 11.9 percent drop in March, data from Eurostat showed.

This was the largest monthly fall recorded since the start of the series and bigger than the reductions seen during the global financial crisis.

U.K. GDP contracted by 20.4 percent in April from March, when it was down 5.8 percent, official data showed.

Earlier today, Japan's parliament approved a record $300 billion second extra budget - including the reserve fund - in an effort to shore up the economy hit by lockdown measures from April through late May.

Asian stock markets fell sharply today on fears of a resurgence of coronavirus infections, while European markets recovered some ground after a brutal sell-off in the previous session.

The overall sentiment for gold remains bullish due to safe-haven buying amid rising concerns about economic recovery.

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