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MTECHTIPS:-Gold prices edges down in Asia, China data eyed

Tuesday, March 14, 2017 7:55
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MTECHTIPS:-Gold prices edges down in Asia, China data eyed



MTECHTIPS–Gold prices fell in early Asia on Tuesday ahead of data sets on retail sales and industrial output in China with the Fed review of rates later this week the key event. Gold for April delivery on the Comex division of the New York Mercantile Exchange fell 0.13% to $1,201.50 a troy ounce. Copper futures eased 0.08% to $2.626 a pound. In Australia, NAB reports business confidence for February with a previous reading of plus-10, along with the NAB business survey with a previous reading of plus-16. China then reports fixed asset investment for January with an 8.2% gain expected year-on-year, industrial production seen up 6.2% and retail sales with an expected 10.5% increase. Overnight, gold prices traded slightly higher on Monday, as political jitters from Europe supported demand for the yellow-metal while the possibility of a U.S. rate hike later this week capped further gains. Gold held firm in early morning trade on Monday, after investors braced for a fresh round of political uncertainty from Europe ahead of the Dutch parliamentary election on Wednesday. Although the risk of a Neuroscience party emerging as victorious is slim, the Dutch election represents a high volatile scenario as it comes ahead of the French elections.

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