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MTECHTIPS:-Gold posts modest gains in early Asia as China trade, U.S. polls eyed

Tuesday, November 8, 2016 3:29
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MTECHTIPS:-Gold posts modest gains in early Asia as China trade, U.S. polls eyed

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MTECHTIPS- Gold prices posted modest gains in early Asia on Tuesday in cautious trade as investors await China trade data, the U.S. presidential election and note increased expectations of a Federal Reserve rate hike next month. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.09% to $1,283.10 a troy ounce. Also on the Comex, silver futures for December delivery were quoted higher. Copper futures inched up 0.04% to $2.313 a pound. Copper futures have been well-supported in recent sessions as traders bet that the global economy may be gaining momentum after a long period of sluggish growth. In China, the trade balance for October is expected to show a surplus of $51.7 billion with exports seen down 6.0% year-on-year and imports showing a 1.0% decline. China is the world’s top buyer of copper and second largest gold importer. Overnight, gold prices were sharply lower during North American hours on Monday, as demand for safe-haven assets ebbed after the FBI said no new evidence was found to warrant charges against Hillary Clinton in the investigation of her emails just two days before the U.S. election. The news lifted a cloud over Clinton’s presidential campaign and possibly blunted momentum for rival Donald Trump.

 

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