Asian morning gold prices edged lower, but may be supported by weak US economic data.

Gold prices in Asia fell slightly in early trading, possibly due to position adjustments. However, weak U.S. economic data released the previous night may provide support for gold prices. The spot gold price fell by 0.1%, to $3,314.76 per ounce. Quasar Elizundia of Pepperstone stated that initial jobless claims and continuing jobless claims both indicate that the labor market may be weakening. The research strategist also mentioned that despite a slight upward revision in GDP data for the first quarter, the confirmation of contraction reinforces the view of economic slowdown. Elizundia said, "The combined pressure on the labor market and economic contraction, despite the slight upward revision in GDP data, lays the foundation for gold to regain favor."