Gold climbs off five-week low as dollar dips

Gold futures rose from October 11 lows as the dollar index fell off January 2017 highs, for the third consecutive session, following earlier labor data from China, the world's largest metals consumer, and the US. 

As of 02:59 GMT, gold futures due in December rose 0.12% to $1,202.90 an ounce away from five-week lows, while the dollar index shed 0.16% to 97.15 away from early 2017 highs. 

Earlier Chinese data showed the unemployment rate steadied at 4.9%, same as September, while retail sales rose 8.6% y/y, slowing down from 9.2%, as industrial production rose 5.9%, slowing down as well from 6.1%. 

Chinese fixed-income investments rose 5.7%, accelerating from 5.4% and beating estimates of 5.5%. 

Earlier US data showed consumer prices rose 0.3% m/m in October as expected, above September's 0.1% increase. 

Core prices, excluding food and fuel, rose 0.2% as expected as well, above September's 0.1% increase. 

On a yearly basis, prices rose 2.5% as expected, while core prices rose 2.1%, slowing down from 2.2%. 

Otherwise, Federal Reserve Governor Randal Quarles is due to testify on banking supervision and regulation before the House Financial Services Committee, in Washington DC, later today. 

Finally, Gold holdings at SPDR Gold Trust, the world's largest gold-backed investment fund, fell 0.84 tonnes on Tuesday to a total of 761.16 tonnes, after prices snapped the longest monthly losing streak since 1996 with a profit in October.