MTECHTIPS;- Gold Prices Inch Higher In Asia In Thin Trade With Key

MTECHTIPS;- Gold Prices Inch Higher In Asia In Thin Trade With Key Markets Shut

MTECHTIPS-Gold prices inched up in Asia on Thursday with markets this as Hong Kong, South Korea and China shut for holidays. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.05% to $1,277.44 a troy ounce. Overnight, gold prices remained roughly unchanged on Wednesday as the dollar came under pressure following reports that a dovish Federal Reserve chair will be appointed next year. Downside momentum in gold prices were capped as the dollar sank following a Politico report suggesting that U.S Treasury Secretary Steven Mnuchin favours Fed Governor Jerome Powell over former Fed governor Kevin Warsh as Janet Yellen replacement when her term as chair expires in February. Powell is widely viewed as less hawkish than Warsh, who has been critical of Fed’s bond-buying programme in the past. Dollar-denominated assets such as gold are sensitive to moves in the dollar – A dip in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand

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