MTECHTIPS:-Gold gains in Asia after French polls, China trade data
MTECHTIPS:-Gold gains in Asia after French polls, China trade data eyed on copper
MTECHTIPS-Gold gained in Asia on Monday after centrist Emmanuel Macron matched opinion poll expectations and beat anti-EU far-right candidate Marine Le Pen and as investors looked ahead to China trade data. Gold for June delivery rose 0.58% to $1,234.00 a troy ounce. Copper was last quoted up 0.04% to $2.538 a pound amid concerns over weakening demand from China. Later on Monday, China is expected to report trade data with a trade balance surplus of $35.05 billion seen with copper imports a closely-watched subset. Investors will also be looking ahead to Friday’s U.S. data on inflation and retail sales to gauge if the economy is on a strong enough footing for another rate hike as soon as next month. Last week, gold prices retraced gains on Friday after data showing a strong rebound in U.S. jobs growth last month underlined expectations for a June rate hike by the Federal Reserve. The precious metal ended the week down 3.26%, the largest week decline since early November. The Labor Department reported Friday that the U.S. economy added 211,000 jobs last month, beating expectations for a gain of 185,000 and the unemployment rate ticked down to 4.4%, a near a 10-year low. The report also showed that the prior month’s figure of 98,000 was revised down to an even lower 79,000. Average hourly earnings rose 0.3% in April. However, downward revisions to previous months lowered the year-on-year increase to 2.5%, the smallest gain since August 2016, from 2.6% in March.
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