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MTECHTIPS:-Gold holds steady in Asia as markets assess likely next Fed move
Gold held mostly steady in Asia on Wednesday as investors await further data points on the U.S. economy as views on the Fed’s next steps remain mixed. On the Comex division of the New York Mercantile Exchange, gold for April delivery inched up 0.02% to $1,232.90 a troy ounce. Silver futures for March delivery fell 0.10% to $14.840 a troy ounce, while copper futuresfor March delivery were flat at $2.143 a pound. Overnight, gold futures pared considerable gains on Tuesday after stronger than expected factory data from the Institute of Supply Management provided some optimism that a prolonged slump in the manufacturing sector could be on the verge of a rebound. Gold is coming off its strongest month in more than 13 years when it surged more than 10%, amid widespread concerns related to a slowdown in global economic growth, extreme volatility in financial markets and the proliferation of negative interest rates by a host of top central banks. As a result, gold is on track for one of its best opening quarters in 30 years. Gold fell sharply in U.S. morning trading after the ISM reported that its Manufacturing Index rose 1.3 points to 49.5 in February, slightly above consensus forecasts of a 0.3 increase to 48.5. Employment, which has hovered near seven-year lows in recent months, showed some signs of breaking through after jumping 2.6 points to 48.5. Production also soared 2.6 points last months to 52.8. While new orders stayed flat at 51.5, there were signs of demand growth within the report, as 12 of 18 industries reported an increase on the month. Any reading below 50 provides an indication of contraction within an industry.
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