MTECHTIPS:-Gold higher as weaker dollar spurs physical interest in
MTECHTIPS:-Gold higher as weaker dollar spurs physical interest in China, India
MTECHTIPS- Gold prices edged higher in Asia on Tuesday with a weaker dollar bringing on physical buying interest in India and China, the world’s top two importers, ahead of China trade data later in the day. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.11% to $1,266.03 a troy ounce. China is expected to report exports rose 10.9% in July year-on-year, down from an 11.3% gain in June, while imports rose 16.6%, compared to a 17.2% increase in the previous month for a trade balance surplus of $46.08 billion, wider than the $42.77 billion in June. Overnight, gold prices traded slightly above break even on Monday, bouncing off session lows after the dollar came under pressure following comments from a top Federal Reserve official. Gold continued to pare losses, following a slump on Friday on the back of strong nonfarm payrolls data suggesting the U.S. economy could sustain further rate hikes while St. Louis Fed President James Bullard said that low interest rates are “likely to remain appropriate” over the near term. “The current level of the policy rate is likely to remain appropriate over the near term,” Bullard said in slides prepared ahead of a speech to the America’s Cotton Marketing Cooperatives 2017 Conference in Nashville, Tennessee.
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