economic data

As US and UK prepare to release first quarter data next week many experts believe the reports will show very slack recovery of the two countries. The preliminary data on the US GDP will be reported on April 28, while Reuters believe it will be 2.0%.

Meantime, the UK will report its economic data on Wednesday. Economists believe that weak consumer demand will significantly impact the first-quarter report.

Gold weakened during European trades on growing optimism over the economic recovery.

Spot gold XAU= slipped to $1,349.35 an ounce at 1122 GMT, from $1,353.30 an ounce late in New York on Thursday. U.S. gold futures for April delivery GCJ1 fell $2.80 to $1,350.20.

Gold has retreated from a two-week high at $1,355.80 hit the previous day, when Federal Reserve chair Ben Bernanke said the U.S. recovery still needed Fed support. His comments were taken to indicate that U.S. monetary policy would stay accomodative.