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MTECHTIPS:- Gold prices down in Asia after China trade data as imports dip sharply

MTECHTIPS:- Gold prices down in Asia after China trade data as imports dip sharply

Gold prices eased on Tuesday in Asia as China reported a larger trade surplus that expected though imports slumped, possibly signalling room to ease monetary policy further. In China. August exports fell 6.1%, a tad more than the 6% seen and imports slumped 14.3%, compared to an expected 8.2% drop. Data for the trade balance in dollars was not immediately available. Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.05% to $1,120.80 a troy ounce. Elsewhere in metals trading, copper for December delivery on the Comex eased 0.14% to trade at $2.338 a pound. Copper prices sank to a six-year low of $2.202 on August 24 as concerns over the health of China’s economy and steep declines on Chinese stock markets dampened appetite for the red metal. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. Overnight, gold futures inched lower on Monday, as trade volumes were expected to remain light with many investors in the U.S. away for the Labor Day holiday.
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