* China GDP in line with consensus, activity data strong
* Platinum hits two-month high
* Spot gold looks neutral in $1,404-$1,421 range - technicals
* GRAPHIC-2019 asset returns:
By K. Sathya Narayanan
July 15 (Reuters) - Gold edged lower on Monday as global stock
markets gained with investors focusing on some upbeat economic
readings from mixed Chinese economic data, while a firm dollar further
weighed on bullion.
Spot gold fell about 0.3% to $1,411.95 per ounce as of 1:43
p.m. EDT (1743 GMT). U.S. gold futures settled 0.1% up at $1,413.50.
China's second-quarter annual GDP growth fell to a 27-year low of
6.2%, as expected, but its quarterly growth reading of 1.6% beat
forecasts. June reports on industrial production, retail sales and
urban investment were above expectations.
"The equity market is looking at the data positively and
there is some risk appetite here," said Bart Melek, head of
commodity strategies at TD Securities in Toronto.
World shares rose towards an 18-month high following the data,
denting appetite for gold. Meanwhile, the dollar was slightly
higher against key rivals making gold more expensive for holders of
"The gold market is reacting more to bad data than good. The
U.S. dollar seems to have found some support which may be weighing on
gold," said Tai Wong, head of base and precious metals
derivatives trading at BMO.
Investors await other data this week, such as U.S. retail sales
and industrial production, for clues about the health of the world's
The U.S. Federal Reserve releases its "Beige Book" on
Wednesday, which markets will watch for comments on how trade tensions
have affected the business outlook.
The yellow metal gained 1.1% last week on the back of expectations
of an interest rate cut by the U.S. central bank, which also weighed
on the dollar.
The outlook for gold remains positive, analysts said, with the
metal likely to stay supported on expectations of a Fed rate cut and
concerns of a global growth slowdown.
"Gold price action has been pretty choppy, but I could see us
traversing $1,380-$1,440 from now until the Fed meeting in end-July,
perhaps even more than once," BMO's Wong said.
Spot gold looks neutral in a narrow range of $1,404-$1,421 per
ounce, and an escape could suggest a direction, according to
Reuters technical analyst Wang Tao.
Spot palladium rose about 1.2% to $1,563.30 per ounce. Silver
added 0.8% to $15.34, after touching a near two-week high of $15.36
earlier this session.
Platinum gained about 1.2% to $837.00 per ounce. Earlier in the
session it rose to $846.53, its highest in two months.
(Reporting by K. Sathya Narayanan in Bengaluru Editing by Marguerita
Choy and Chizu Nomiyama)
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