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MTECHTIPS:-Gold prices edge up in Asia as market awaits Fed, nonfarm payrolls

Tuesday, November 1, 2016 4:25
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MTECHTIPS:-Gold prices edge up in Asia as market awaits Fed, nonfarm payrolls

 

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MTECHTIPS- Gold recovered slightly in Asia on Tuesday with key events this week eyed, including a Fed rate review on Wednesday and nonfarm payrolls on Friday that are widely expected to set the stage for a December rate hike. Gold for December delivery on the Comex division of the New York Mercantile Exchange gained 0.31% to $1,277.05 a troy ounce. Also on the Comex, silver futures for December delivery rose 0.46% to $17.877 a troy ounce, and copper futures were quoted flat at $2.207 a pound. The China Federation of Logistics & Purchasing (CFLP) releases its manufacturing PMI for October seen at 50.4, and the non-manufacturing PMI, which last came in at 53.7. Then comes the Caixin manufacturing PMI is expected at 50.2. China is the world’s top copper importer and rivals India for the top spot in gold. Overnight, gold prices edged lower during North America’s session on Monday, as the U.S. dollar bounced back from Friday’s selloff, which came after the FBI said it would review more emails related to Hillary Clinton’s private email use. On Friday, the yellow metal climbed to a four-week high of $1,285.40 as investors were rattled by news that the FBI is planning to review more emails related to Democratic presidential candidate Hillary Clinton’s private server, just over a week before the election. The revelation could damage the chances of the Democrat candidate, fueling worries about a surprise election outcome.

 

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