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MTECHTIPS:-Gold prices dip in Asia as investors await Fed rate review this week
Gold dipped in Asia on Monday as investors took a breather ahead of Federal Reserve review of interest rates this week expected to hold steady, but with the tone of the statement key. Gold for April delivery on the Comex division of the New York Mercantile Exchange Fell 0.46%, to $1,253.60 a troy ounce. Elsewhere in metals trading, copper for May delivery rose 1.21% $2.263 a pound as Japan core machinery orders for January spiked 15%, well above the 3.0% gain seen month-on-month and a year-on-year gain of 8.4%, far outpacing a decline of 3.6% expected. Offsetting the gain, official data released over the weekend showed that China’s factory output in the first two months of the year slowed to the weakest level since November 2008, adding to the view that the economy remains in the midst of an ongoing slowdown which will require Beijing to roll out more support in coming months. Industrial production rose by an annualized rate of 5.4% in January, below expectations for a 5.6% increase and slowing from a gain of 5.9% in the preceding month, the General Administration of Customs said on Saturday. The Asian nation is the world’s largest copper consumer, accounting for nearly 45% of world consumption.
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