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MTECHTIPS:- Gold futures rise for first time in 4 days on bargain buying
Gold prices inched higher for the first time in four sessions on Wednesday, as investors returned to the market to seek cheap valuations after futures fell to a one-week low. Gold for February delivery on the Comex division of the New York Mercantile Exchange tacked on $1.90, or 0.18%, to trade at $1,087.10 a troy ounce by 14:40 GMT, or 9:40AM ET. It earlier fell to $1,079.60, the lowest since January 6. On Tuesday, prices lost $11.00, or 1%, as the metal’s safe-haven appeal was dented amid a recovery in global equity markets. Also on the Comex, silver futures for March delivery jumped 24.4 cents, or 1.77%, to trade at $13.99 a troy ounce during morning hours in New York. Elsewhere in metals trading, copper futures moved away from six-and-a-half year lows on Wednesday, as the latest trade figures out of China eased some concerns over the health of the world’s second-biggest economy, while also pointing to strong demand for the red metal. Chinese exports in yuan-denominated terms rose 2.3% from a year earlier in December, rebounding from a drop of 3.7% in November, while imports declined 4.0%, compared with a 5.6% decrease a month earlier. That left the Asian nation with a surplus of 382 billion yuan. In dollar-terms, exports slumped just 1.4% in December, far better than forecasts for a decline of 8.0%, while imports dropped 7.6%, compared to expectations for a drop of 11.5%, leaving China with a surplus of $60.1 billion last month.
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