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MTECHTIPS:-Gold prices gain in Asia as China CPI rise noted

MTECHTIPS:-Gold prices gain in Asia as China CPI rise noted

Gold prices gained in Asia on Thursday with regional data sets noted, particularly a rise in consumer prices in China. In China consumer prices rose 0.5%, higher than the 0.4% gain seen in August and producer prices fell 5.9%, ore than the expected drop of 5.5% year-on-year. Earlier, in Australia the overall unemployment rate fell to 6.2% as expected from from 6.3% and 11,500 jobs were added, compared to an expected 5,000 under a participation rate of 65% as seen. Japan’s corporate goods price index for August fell 0.6%, compared to a 0.4% fall seen month-on-month, while core machinery orders dipped 3.6% in July month-on-month, well off the 3.7% gain seen. And the New Zealand dollar slumped in Asia on Thursday after the central bank, as expected, cut its overnight cash rate by 25 basis points to 2.75%. On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.33% to $1,105.60 a troy ounce, wjhile silver for December delivery fell 0.04% to $14.570 a troy ounce. Copper for December delivery rose 0.39% to $2.432 a pound. Overnight, gold futures fell sharply on Wednesday suffering its largest one-day fall in more than six weeks, amid a broadly stronger dollar and the introduction of further stimulus measures by China to rekindle its flagging economy.
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