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MTECHTIPS:-Gold down slightly in early Asia as investors eye China, Fed

MTECHTIPS:-Gold down slightly in early Asia as investors eye China, Fed

Gold prices held slightly weaker in early Asia on Tuesday with the focus on China’s continued slump and as investors mull the prospect of a Federal Reserve rate hike later this year instead of September. On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.08% to $1,084.70 a troy ounce. Silver for September delivery fell 0.21% to $14.450 a troy ounce. Copper for September delivery dipped 0.14% to $2.342 a pound. Overnight, gold futures inched down on Monday amid a stronger dollar, even as muted inflation data for the month of June provided support to dovish arguments for a delayed interest rate hike by the Federal Reserve. On Monday morning, the U.S. Department of Commerce’s Bureau of Economic Analysis said consumer spending increased by 0.2% in June in line with analysts expectations, while personal income rose by 0.4% — slightly higher than consensus estimates. Analysts forecast a 0.3% rise in incomes for the month. More critically the Core PCE Index, which strips out food and energy prices, inched up 0.3% for the month, up from a 0.2% increase for May. On a year-over-year basis, however, the gains were muted as the index only increased by 1.3%. At its July FOMC meeting last week, the Fed reiterated that inflation remains below its targeted goal of 2% over the medium term, commonly defined as a period of the next one to two years.
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