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MTECHTIPS:-Gold prices gain in Asia as support continues despite Fed hike views

Thursday, November 17, 2016 0:25

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MTECHTIPS:-Gold prices gain in Asia as support continues despite Fed hike views

MTECHTIPS- Gold gained in Asia on Thursday as investors continued to support the yellow metal despite a widely expected Fed rate hike next month. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.27% to $1,227.15 a troy ounce. Copper futures on the Comex for December delivery fell 0.53% to 2.454 a pound Overnight, gold futures inched higher in early Europe trading on Wednesday, but gains were limited amid mounting expectations that the Federal Reserve will hike interest rates next month. Market analysts warned that the outlook for gold remains cloudy in the near-term. Gold prices are down more than 6% over the past week amid optimism that increased fiscal spending and tax cuts under a Trump administration will spur economic growth and inflation, which would ultimately lead to an era of higher interest rates. Investors are currently pricing a 90.6% chance of a rate hike at the Fed’s December 13-14 meeting, according to Investing.com’s Fed Rate Monitor Tool. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced. The argument for higher rates was mildly dented as U.S. producer price index rose 0.8% in October, disappointing expectations for an increase of 1.2%. The core PPI, which excludes food and energy, fell 0.2% last month, compared to expectations for a 0.2% gain. A separate report showed that U.S. industrial production was flat in October, confounding expectations for a 0.2% increase.

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