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MTECHTIPS:-Gold prices fall in early Asia with China weekend data eyed
Gold prices dipped in Asia on Friday as investors looked ahead to a weekend suite of data from China and attempted to untangle the mixed remarks from the ECB chief on the scope for further easing. At the weekend, China will report data on industrial production and retail sales. On the Comex division of the New York Mercantile Exchange, gold for April delivery traded down 0.13% to $1,271.10 a troy ounce. Silver futures for March delivery rose 1.60% to $15.610 a troy ounce, while copper futures for March delivery fell 0.04% to $2.224 a pound. On Thursday, China reported that its Consumer Price Index (CPI) rose by 2.3% in February, considerably above expectations for a 1.9% increase. China is the world’s largest consumer of copper, accounting for approximately 45% of the world’s total. Overnight, gold closed sharply higher on a volatile day of trading, as European Central Bank president Mario Draghi rattled global markets with conflicting remarks after exceeding market expectations by unveiling a wide range of easing measures on Thursday. As expected, the European Central Bank’s Governing Council approved a comprehensive set of easing initiatives on Thursday aimed at boosting economic growth throughout the euro zone and staving off deflation. The Governing Council used nearly all of the tools at its disposal to stimulate the economy by lowering three key rates at the meeting and extending the breadth and depth of its comprehensive Quantitative Easing program. As a result, gold slumped to session-lows when the euro plunged more than 1.5% against the dollar and major euro area equity markets surged by at
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