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MTECHTIPS;-Gold prices down slightly in Asia with Caixin PMI, Fed speakers ahead

Friday, September 30, 2016 0:09
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MTECHTIPS;-Gold prices down slightly in Asia with Caixin PMI, Fed speakers ahead

 

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MTECHTIPS- Gold prices dipped slightly in Asia on Friday with investors looking to more possible comment on chances of a Fed rate hike by the end of the year and a key manufacturing survey from China. Gold for December delivery on the Comex division of the New York Mercantile Exchange eased 0.03% to $1,325.65 a troy ounce. Copper futures for December delivery fell 0.05% to $2.187 a pound ahead of the Caixin manufacturing PMI for September ahead of holidays in China next week with a 50.1 level expected, nudging up from 50.0 the previous month. China is the world’s top copper importer. Overnight, gold prices extended modest overnight losses during North America’s session on Thursday, falling to a fresh one-week low as investors digested better than expected U.S. economic data. Official data showed that the third estimate of U.S. second quarter gross domestic product showed growth of 1.4%, revised from the previous reading of a 1.1% expansion. Analysts had expected a growth rate of 1.3%. Separately, the U.S. Department of Labor said initial jobless claims in the week ending September 24 increased by 3,000 to 254,000 from the previous week’s total of 251,000. Analysts expected jobless claims to rise by 9,000 to 260,000 last week.

 

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