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MTECHTIPS:-Gold prices dip in Asia with U.S. markets shut for holiday ahead

MTECHTIPS:-Gold prices dip in Asia with U.S. markets shut for holiday ahead

Gold prices eased in Asia Monday with trade seen thing with markets in the U.S. and Canada shut for a holiday. Gold for December delivery on the Comex division of the New York Mercantile Exchange dropped 0.27% at $1,118.40 a troy ounce. Also on the Comex, silver futures for September delivery rose 0.56% to $14.630 a troy ounce. Elsewhere in metals trading, copper for December delivery gained 0.18% at $2.316 a pound. Prices of the red metal sank to a six-year low of $2.202 on August 24 as concerns over slowing growth in China and steep declines on Chinese stock markets dampened appetite for the red metal. Chinese stock markets were closed on Thursday and Friday for the World War Two Victory Day parade and will reopen Monday. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Last week, gold futures slumped to the lowest level in more than two weeks on Friday, as traders continued to mull the timing of a Federal Reserve rate hike following the release of solid U.S. nonfarm payrolls data. The Labor Department reported that the U.S. economy added 173,000 jobs last month, below forecasts for an increase of 220,000 and slowing from gains of 245,000 a month earlier.

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