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MTECHTIPS:-Gold down in Asia as concerns over NKorea missile test on wait-and-watch

Monday, February 13, 2017 2:22
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MTECHTIPS:-Gold down in Asia as concerns over NKorea missile test on wait-and-watch

 

MTECHTIPS-Gold prices eased in Asia on Monday with initial concerns over a ballistic missile test by North Korea settled for now, though claims by the reclusive state of achieving the ability to hold a nuclear payload and use solid fuel were noted. Gold for February delivery fell 0.41% to $1,230.85 a troy ounce, while silver futures rose 0.06% to $17.943 a troy ounce. Copper futures gained 0.76% to $2.798 a pound. Japan’s GDP grew at an annualized rate of 1.0% in the fourth-quarter, below a Reuters poll estimates of 1.1%. This week, the UK and China are to release what will be closely watched data on inflation. Meanwhile, Federal Reserve Chair Janet Yellen is due to testify to Congress for the first time since Donald Trump entered the White House. Last week, gold prices steadied on Friday, but remained below the week’s three-month highs as the dollar pared back some of the gains made in the wake of U.S. President Donald Trump’s promise of a major tax announcement. Trump said Thursday he would be announcing something over the next two or three weeks that would be “phenomenal” in terms of tax. A strong dollar is typically bearish for gold, which is denominated in dollars and struggles to compete with yield-bearing assets when borrowing costs rise.

 

 

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