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MTECHTIPS:-Gold prices edge higher in Asia as weak regional data weighs
Wednesday, January 20, 2016 5:28
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(Before It's News)
MTECHTIPS:-Gold prices edge higher in Asia as weak regional data weighs
Gold edged slightly higher in Asia on Wednesday with downward pressure apparent in weak regional economic readings. On the Comex division of the New York Mercantile Exchange, gold for February delivery edged up 0.04% to $1,089.50 a troy ounce. Silver for March delivery dropped 0.79% to $14.020 a troy ounce. Copper for March delivery rose 0.32% to $1.975 a pound. New Zealand said fourth quarter CPI fell 0.5% quarter-on-quarter, well below the 0.2% drop expected, while it rose 0.1% on a year-on-year basis, compared to a gain of 0.4% expected, placing the country on the cusp of deflation. In Australia, the Westpac Consumer Sentiment gauge fell 3.5% in January, a drop down from a decline of 0.8% in December. The Reuters Tankan Index in Japan fell to 6 in January from 9 in December. Overnight, gold fell mildly on Tuesday in spite of a slightly lower dollar as annual GDP in China grew at its slowest pace in a quarter century last year, dampening demand enthusiasm for the precious metal in the world’s second-largest economy.
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