Gold scales five-month peak as dollar slips

Gold futures tilted higher in Asian trade to July 11 highs as the dollar index plumbed November 22 lows, following earlier data from China, the world's largest metals consumer, and Japan, and ahead of US labor data. 

As of 04:14 GMT, gold futures due in February rose 0.14% to $1,254.30 an ounce, marking five-month highs, while the dollar index shed 0.07% to 96.44, plumbing three-week lows. 

Earlier Chinese data showed the trade surplus ballooned to $44.7 billion in November from $34 billion as imports outstripped exports. 

Chinese consumer prices rose 2.2%, slowing down from 2.5% in October, while producer prices rose 2.7%, also slowing down from 3.3%. 

From Japan, the economy contracted 0.6% q/q in the third quarter, compared to a 0.7% increase in the second, and missing estimates of a 0.5% contraction. 

On a yearly basis, the economy contracted 2.5%, compared to a 1.2% 3.0% growth rate in the second quarter, and missing estimates of a 2.0% drop. 

Now investors await a US index on job opportunities, expected to have increased in October to 7.22 million from 7.01. 

Payrolls data released last Friday showed the unemployment rate steadied at 3.7% in November as expected, the lowest since 1969. 

US average earnings rose 0.2% in November, missing estimates of 0.3% and matching the pace of October. 

The US economy added 155 thousand new jobs in November, missing estimates of 198K, and compared to October's 237K increase, revised from 250K.