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Gold and copper gained in Asia on Wednesday as consumer prices in China nudged a bit higher than expected, bolstering demand hopes.
The higher consumer inflation will no doubt limit the room for the People’s Bank of China to further cut interest rates. The PBOC last cut the benchmark one-year deposit rate to 1.5% at the end of October.
China is the world’s largest producer of gold and the world’s second-largest consumer of the precious metal behind India. It is also the world’s top copepr importer.
On the Comex division of the New York Mercantile Exchange, gold for February delivery rose 0.14% to $1,076.80 a troy ounce.