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MTECHTIPS:-Gold prices inch up in Asia as dollar movements eyed for direction

Tuesday, November 29, 2016 0:43
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MTECHTIPS:-Gold prices inch up in Asia as dollar movements eyed for direction

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MTECHTIPS- Gold prices inched up in Asia on Tuesday with the dollar in focus as it mildly retraces sharp gains in the past month on the surprise win of U.S. president-elect Donald Trump and widespread expectations for a Fed rate hike in December. Gold for December delivery rose 0.10% to $1,192.00 a troy ounce on the Comex division of the New York Mercantile Exchange. As well, silver futures gained 0.29% to $16.723 atroy ounce, while copper futures jumped 0.49% to $2.672 a pound. Overnight, gold prices rose more than 1% on Monday, rebounding from nine-and-a-half month lows as the dollar reversed some of its post U.S. election gains after surging to almost 14-year highs last week. The dollar slipped lower on Friday as traders took advantage of the holiday-shortened week to take profits after a powerful rally propelled it to the highest level since April 2003. Dollar selling resumed on Monday as investors looked ahead to potentially risky events such as Wednesday’s OPEC meeting and Italy’s upcoming constitutional referendum on December 4, which could see the government resign.Investors were also looking ahead to a raft of U.S. economic data this week, including Friday’s nonfarm payrolls report for November. Gold is priced in dollars and becomes more attractive to holders of other currencies when the dollar falls. Prices of the yellow metal have fallen around 6% so far this month on expectations that increased U.S. fiscal spending under a Trump administration will spur economic growth and inflation, which would ultimately lead to an era of higher interest rates. Gold 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.

 

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