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MTECHTIPS:-Gold gains in Asia in cautious trade with Xi-Trump meeting in focus

Tuesday, April 4, 2017 7:03
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MTECHTIPS:-Gold gains in Asia in cautious trade with Xi-Trump meeting in focus



MTECHTIPS-Gold drifted higher in Asia on Tuesday in cautious trade with China and India markets shut for holidays, putting the world’s top gold importers on the sidelines, and with investors cautious ahead of a meeting this week between U.S. President Donald Trump and China’s President Xi Jinping in Florida seen as high stakes on trade and geopolitical tensions in Asia. Gold for April delivery on the Comex division of the New York Mercantile Exchange gained 0.35% to $1,258.45 a troy ounce. Silver futures on the Comex rose 0.55% to $18.312 a troy ounce, while copper futures edged up 0.12% to $2.609 a pound. Overnight, gold prices held firm on Monday, after the release of mixed economic data while a softer dollar limited selling pressure in the yellow-metal. Gold recovered from a dip earlier during the session, after March construction spending disappointed while economic activity in the manufacturing sector slowed less than expected. The Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) hit 57.2 in March, a 0.5% decrease from the February reading of 57.7 but slightly above economists’ forecasts of 57.0. Meanwhile, the Commerce Department said, February U.S. construction spending increased 0.8% to its highest level in more than ten years but it missed analysts’ expectations of 1% rise.

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