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MTECHTIPS:-Gold gains in early Asia on rebound after sharp overnight drop
Gold rose in early Asia on Friday in a rebound from overnight declines as investors mull the trajectory of Federal Reserve policy this year. On the Comex division of the New York Mercantile Exchange, gold for February delivery rose 0.19% to $1,079.60 a troy ounce. Silver futures for March delivery gained 0.04% to $13.850 a troy ounce, while copper futures were flat at $1.979 a pound. Overnight, gold futures fell sharply on Thursday amid a moderately stronger dollar, as investors reacted to a slight increase in weekly U.S. jobless claims and a bounce among equities in China. In overnight trading, the Shanghai Composite Index briefly fell to its lowest level since the start of this year’s rout in Chinese equities before rebounding to close at 3,007.65, up 2% on the session. The Shenzhen Composite Index, meanwhile, surged 3.81% to finish Thursday’s session at 1,859.371. Earlier on Thursday, a group of 28 small-cap listed companies helped stabilize the market by pledging not to sell shares for a period of at least six months. Chinese stocks have plunged at the start of the year since the People’s Bank of China devalued the yuan by nearly 2% last week in an effort to stimulate its flagging economy by boosting exports. China is the world’s largest producer of gold and the second-largest consumer of the precious metal behind India.
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