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Gold Drifting Lower After Recent Gains

Gold prices slipped Tuesday, trimming strong recent gains in the absence of first-tier economic data.

The dollar recovered versus the euro, helping dent gold prices after 4-month highs for the precious metal.

Feb. gold down $6.70, or 0.5%, to settle at $1,313.70/oz

Germany’s industrial production and exports recovered at a faster-than-expected pace in November, suggesting robust economic activity towards the end of 2017.

Industrial output expanded 3.4 percent month-on-month in November, reversing a revised 1.2 percent drop in October, Destatis reported Tuesday.

Growth in production was the biggest since September 2009. Output was expected to grow moderately by 1.8 percent.

Eurozone unemployment rate declined to the lowest since 2009 as robust activity created more jobs in the 19-nation currency bloc.

The jobless rate dropped to 8.7 percent in November, in line with economists’ expectations, from 8.8 percent in October, figures from Eurostat showed Tuesday. This was the lowest since January 2009.

The number of unemployed decreased by 107,000 from the previous month to 14.26 million in November. From November 2016, people out of work decreased by 1.56 million.

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