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MTECHTIPS:- Gold prices higher in Asia with physical demand eyed, Fed ahead
Gold prices ticked up in early Asia on Monday as investors looked at physical demand prospects though dollar strength continues to weigh on the commodity. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.25% to $1,155.30 a troy ounce. Elsewhere on the Comex, silver futures for May delivery gained 0.47% to $15.567 a troy ounce. Meanwhile, copper for May delivery fell 0.46% to $2.659 a pound despite recent Chinese economic data that has fuelled speculation policymakers in Beijing will have to introduce further stimulus measures to boost growth and ward off deflation. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Last week, Gold edged modestly higher on Friday, but prices remained near the lowest level in more than three months as the U.S. dollar rallied amid growing expectations for higher interest rates in the U.S. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, jumped 1.2% on Friday to end at 100.32, after touching an intraday high of 100.39, the most since April 2003.
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