MTECHTIPS;-Gold weaker in Asia in holiday-thinned trade, U.S. GDP
MTECHTIPS;-Gold weaker in Asia in holiday-thinned trade, U.S. GDP figures eyed
MTECHTIPS- Gold drifted lower in Asia with U.S. fourth quarter GDP on tap later Friday expected to set the tone after holiday-thinned regional trade was quiet.Gold for February delivery on the Comex division of the New York Mercantile Exchange fell 0.54% to $1,183.40 a troy ounce. Also on the Comex, silver futures for March delivery eased 0.75% to $16.723 a troy ounce, while copper futures edged up 0.08% to $2.664 a pound. China’s Lunar New Year holiday starts on Friday and runs through Thursday of next week, marking a period of sharply reduced economic activity. In Asia, Japan reported national core CPI rose 0.2% year-on-year in December, below the expected 0.3% pace, while in Australia, figures on PPI showed a 0.5% gain in the fourth quarter, higher than the 0.2% rise seen. Overnight, gold prices dipped and copper dropped sharply as U.S. investors move away from the precious metal in favor of equities. Earlier, gold prices sank to a new two-week low in North American morning trade on Thursday, as the U.S. dollar pushed higher and stocks around the world extended their recent rally, dimming the metal’s safe-haven appeal even as concerns grow over President Donald Trump’s protectionist stance.