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MTECHTIPS:-Gold heads into Asian day quoted weaker with OPEC curb effort in focus

Wednesday, November 30, 2016 2:28
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MTECHTIPS:-Gold heads into Asian day quoted weaker with OPEC curb effort in focus




MTECHTIPS- Gold prices were quoted lower ahead of early Asian trade on Wednesday with investors on the watch for news on prospects for an OPEC effort to curb output in a move that has implications for global growth and inflation outcomes. Gold futures on the Comex division of the New York Mercantile Exchange were last quoted at $1,186.50 a troy ounce, down 0.36%. Elsewhere in metals trading, silver futures were last quoted at $16.672 a troy ounce, down 0.02%, while copper futures last traded at $2.604 a pound, down 2.49%. Copper prices had climbed around 18% this month on hopes that infrastructure plans in top consumers China and the U.S. will bolster demand for the industrial metal. Overnight, gold prices were lower Tuesday as upbeat U.S. economic reports underlined the view that the Federal Reserve will hike interest rates in December, underpinning dollar demand. Data on Tuesday showed that the U.S. economy grew at a quicker than expected rate in the third quarter, expanding at the fastest pace in two years. The Commerce Department reported that gross domestic product grew by 3.2% on a year-over-year basis, up from the previously reported estimate of 2.9%. Another report showed that U.S. consumer confidence rebounded strongly in November, after a moderate decline in October.




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