MTECHTIPS;-Gold prices down in Asia as regional data supports growth

MTECHTIPS;-Gold prices down in Asia as regional data supports growth views

MTECHTIPS-Gold prices fell in Asia on Thursday with a slew of regional data aiding sentiment and a focus turning to the expected battle to get a tax cut passed in the U.S. that would likely have a knock-on affect on fed policy if successful. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange dropped 0.52% to $1,307.27 a troy ounce. In Japan, provisional industrial production data for July fell 0.8%, more than a 0.5% decline expected. The official manufacturing Purchasing Managers’ Index in China came in at 51.7 in August, beating expectations, data released Thursday showed. Analysts polled by Reuters expected China to post official PMI of 51.3 for August, a tick down from 51.4 in July. A reading above 50 indicates expansion, while a reading below that signals contraction. The non-manufacturing, or services, came in at 53.4 in August, down from 54.5. In Australia, private new capital expenditure for the second quarter jumped 0.8%, well above a 0.3% gain seen and private sector credit for July came in as expected, up 0.5%. Overnight, gold prices eased from an eleventh-month high on Wednesday, following a rebound in the dollar, after a duo of better-than-expected reports on private job creation and economic growth raised expectations of a rate hike later this year

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