Gold Takes a Dive on News of Slowing Chinese Economy
Industrial demand for the stuff is expected to drop
A surprise deceleration in Chinese first-quarter growth added to signs of a weakening global economy, the latest reason to dump gold amid a bear market for the precious metal.
The world's No. 2 economy expanded by 7.7% in Q1 from a year ago, below expectations for 8% and Q4's 7.9% pace. The unexpected slowdown dampened hopes China is rebounding from a relative soft patch to help pull the rest of the world with it.
The news also comes as U.S. data have deteriorated, including job growth, retail sales and now housing. Homebuilder sentiment slid for the third straight time in April to a six-month low.