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MTECHTIPS:-Gold dips in early Asia ahead of China market open, silver, copper up

MTECHTIPS:-Gold dips in early Asia ahead of China market open, silver, copper up

Gold prices eased slightly in early Asia on Tuesday with investors braced for more volatile trade sparked by market uncertainty in China, though silver and cooper staged rebounds. On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.16% to $1,151.90 a troy ounce. Silver for September delivery rose 0.23% to $14.775 a troy oune. Copper for September rose 0.23% at $2.248 a pound. Overnight, gold futures fell slightly after reaching seven-week highs on Monday, as China rattled markets throughout the world amid speculation that its central bank is on the verge of injecting further liquidity measures in an effort to jumpstart its flagging economy. On Monday, the Shanghai Composite Index plunged 8.5% suffering its sharpest fall since 2007, as a dearth of activity from the People’s Bank of China created a market-wide panic. Chinese index futures, meanwhile, fell by their limit of 10% providing strong indications that the downturn will continue. The massive sell-off comes days after Chinese manufacturing data dropped to its lowest level since the Financial Crisis, underscoring persistent sluggishness in the world’s second-largest economy. While Chinese GDP grew by 7% over the first half of 2015, many analysts believe China’s economy is decelerating and could suffer its slowest full-year growth in a quarter century.
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