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MTECHTIPS;-Gold prices gain in Asia with eye ahead of China prices data

Friday, October 14, 2016 5:16
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MTECHTIPS;-Gold prices gain in Asia with eye ahead of China prices data

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MTECHTIPS- Gold held early gains in Asia on Friday with investors cautious ahead of consumer and producer prices data from China. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.15% to $1,258.65 a troy ounce. Also on the Comex, silver futures for December delivery gained 0.34% to $17.571 a troy ounce and copper futures edged up 0.05% to $2.124 a pound. China reports CPI for September with a gain of 0.3% seen month-on-month and a 1.6% increase year-on-year. As well PPI data is expected to show a fall of 0.3% year-on-year. Overnight, gold prices held on to overnight gains during North America’s session on Thursday, as the U.S. dollar and global stock markets pulled back after surprisingly weak Chinese trade data raised fresh concern about the world’s second-largest economy. China’s September exports plunged, while imports unexpectedly shrank after picking up in August, suggesting signs of steadying in the world’s second-largest economy may be short-lived. Exports tumbled 10.0% from a year earlier, far worse than forecasts for a decline of 3.0%, while imports dropped 1.9%, compared to expectations for a gain of 1.0%. That left China with a trade surplus of $41.99 billion for the month, the lowest in six months, the General Administration of Customs said on Thursday.

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