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MTECHTIPS:-Gold mostly steady in Asia as Fischer comments on rate outlook noted

Tuesday, October 18, 2016 4:04
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MTECHTIPS:-Gold mostly steady in Asia as Fischer comments on rate outlook noted

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Gold prices held mostly steady in Asia on Tuesday with comments from Fed Vice Chair Stanley Fischer noted as saying the central bank is “very close” to job and price targets that should trigger a rate hike. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were little changed at $1,256.75. Elsewhere in metals trading, silver futures for December delivery were up 0.05% at $17.483 a troy ounce, while copper futures for December delivery added 0.14% to $2.107 a pound. Overnight, gold prices were little changed near four-month lows on Monday, as a broadly stronger U.S. dollar continued to dampen demand for the precious metal. The December contract ended Friday’s session 0.17% lower at $1,255.50 an ounce. Futures were likely to find support at $1,249.5, the low from October 7 and a four-month low and resistance at $1,259.00, the high from October 13. Gold prices remained under pressure as Friday’s upbeat U.S. data kept the U.S. dollar at a seven-month peak against other major currencies.  A stronger U.S. dollar usually weighs on gold, as it dampens the metal’s appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies. The greenback strengthened broadly after U.S. retail sales rose 0.6% in September, in line with expectations and after a revised 0.2% fall the previous month.

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