(Before It's News)
Gold prices jumped in Asia on Monday as investors show greater confidence that the Federal Reserve will hold steady in October. Gold for December delivery was up 1.18% to $1,157.80 a troy ounce, while silver futures for December delivery gained 0.60% to $15.860 a troy ounce. Copepr for December delivery fell 0.10% to $2.416 a pound. In the week ahead, investors will be looking to Wednesday’s U.S. data on retail sales and Thursday’s data on consumer prices for fresh indications on the strength of consumer spending. On Monday, markets in Japan will be closed for a national holiday along with Canada. In the U.S., Chicago Fed President Charles Evans is to speak, while Fed Governor Lael Brainard is to speak at another event. Last week, Gold rallied to the highest level in seven weeks on Friday on the back of heightened expectations that the Federal Reserve will hold off on hiking interest rates until 2016. Gold would benefit from any delay in raising U.S. interest rates as higher interest rates make gold look less competitive against interest-yielding assets.
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