MTECHTIPS;-Gold edged higher in Asia with Japan CPI shrugged off

MTECHTIPS;-Gold edged higher in Asia with Japan CPI shrugged off

MTECHTIPS-Gold held an edge in Asia on Friday with Japan prices data showing little impact and the market seen steady until more clarity arrives on U.S. economic policies. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose 0.07% to $1,260.84 a troy ounce. Copper futures on the Comex traded at $2.868 a pound. In Japan, household spending jumped 2.3 in June month-on-month, compared to a 0.6% rise seen, seen while it rose 1.5% at an annual pace compared to a gain of 0.6% expected. The unemployment rate dipped to 2.8% from 3.1% in May. Overnight, gold prices traded higher on Thursday, shrugging off a rebound in the dollar, as investors continue to pile into the precious metal amid expectations that the Federal Reserve could keep interest rates low for longer than initially anticipated. Despite an uptick in the dollar, gold futures continued to advance, adding to gains from the prior session, as investors expected the Federal Reserve to keep rates low for a prolonged period in the wake of central bank’s unchanged rate decision. As was widely expected, the Federal Reserve stood pat on interest rates Wednesday, keeping its benchmark rate in a target range of 1%-1.25% while expressing concerns about the slowdown in inflation, pushing the dollar to fourteen-month lows. The dollar recovered, however, after economic reports showed durable goods orders for June topped expectations, offsetting a larger-than-expected rise in initial jobless claims

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