(Before It's News)
MTECHTIPS:- Gold prices gain in Asia on safe-haven demand, rebound from overnight
Gold gained in Asia, rebounding from an overnight fall, as investors turned to safe-have assets. On the Comex division of the New York Mercantile Exchange gold for February delivery rose 0.52% to $1,092.40 a troy ounce. Silver for March delivery eased 0.22% to $14.105 a troy ounce. Copper for March delivery gained 0.68% to $1.971 a pound. In Japan, the CGPI (corporate goods price index) is expected to show a fall of 3.5% year-on-year in December. As well, core machinery orders for November year-on-year likely fell 7.9%. In Australia, comes jobs data including employment change with a drop of 12,500 jobs seen, and the unemployment rate expected up to 5.9% from 5.8%. Overnight, gold inched up halting a three-day losing streak, as stronger than expected trade data in China bolstered the value of the precious metal. Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,162.00, the high from Oct. 29. On Wednesday morning, China’s General Administration of Customs reported that its exports fell 1.4% on annual basis in December, considerably less than analysts’ forecasts for a drop of 8.0%. Export levels throughout China have received a great deal of attention at the start of the new year after the People’s Bank of China (PBOC) opened 2016 by devaluing the yuan by more than 1.5% last week. For the month of December, Chinese exports also strongly outperformed neighbors in Taiwan and South Korea.
WWW.MTECHTIPS.COM
07489294118-119
Register
Newsletter
If you really want to ban this commenter, please write down the reason:
