MTECHTIPS:-Gold gains slightly in Asia with China demand in focus

MTECHTIPS:-Gold gains slightly in Asia with China demand in focus

MTECHTIPS-Gold prices posted mild gains in Asia on Friday with demand from China eyed on anecdotal reports flows via Hong Kong have waned in recent months. Gold for June delivery on the Comex division of the New York Mercantile Exchange edged up 0.04% to $1,256.88 a troy ounce. China vies with India as the world’s top gold importer. Overnight, gold futures steadied on Thursday, after the Federal Reserve’s May meeting minutes, raised concerns over whether the Federal Reserve would continue with its plan to introduce two additional rate hikes in 2017. According to the Federal Reserve’s minutes for its 2-3 May meeting, released on Wednesday, most Fed officials said a further increase in short-term interest rates will be needed “soon”, fuelling expectations that the U.S. central bank is poised to hike interest rates at its next meeting in June. According to investing.com’s Fed rate monitor tool, nearly 80% of traders expect the Fed to hike interest rates in June. The hawkish view that a rate hike was needed soon was offset by comments from some Fed members at the meeting, who said that further signs would need to show that weakness in the first-quarter was temporary, prior to future rate hikes.

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