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MTECHTIPS:-Gold prices gain in Asia on physical deamnd, ahead of China data
MTECHTIPS:-Gold prices gain in Asia on physical deamnd, ahead of China data
Gold prices rebounded in Asia Wednesday on physical demand after recent bouts of weakness with investors looking ahead to data from China. On the Comex division of the New York Mercantile Exchange, gold futures for April deliver rose 0.22% to $1.162.70 a troy ounce. Silver futures for May delivery gained 0.29% to trade at 15.672 a troy ounce. Copper delivery for May rose 0.31% to $2.627 a pound. China reported January-February industrial output, investment and retail sales at 1330 local time (0530 GMT). Investment growth is seen up 15% for February year-on-year, and industrial output rose 7.8% in the same month and period, while retail sales are expected to have gained 11.7%. Overnight, gold prices dipped to a four-month low on Tuesday, as the U.S. Dollar reached a 12-year high triggering a massive sell-off on global markets. The dollar continues to skyrocket on expectations of an interest-rate hike from the U.S. Federal Reserve by the time the Federal Open Market Committee meets in June. On Friday, the U.S. Bureau of Labor Statistics said the U.S. economy added 295,000 jobs in the month of March as the unemployment rate fell to 5.5%. The figures were responsible for causing one of the largest one-day declines on U.S. equity markets, exacerbating concerns that an interest-rate rise could come sooner than previously expected.
