-Gold Prices Gain In Asia As Dollar Drifts Down, Demand Cues Eyed

MTECHTIPS:-Gold Prices Gain In Asia As Dollar Drifts Down, Demand Cues Eyed

MTECHTIPS-Gold prices gained in Asia on Monday with sentiment upbeat and the market well supported as recent dollar gains were taken in stride and demand cues in the physical markets were eyed ahead of end of the year holidays. Gold futures for December delivery edged up 0.04% to $1,272.24 a troy ounce on the Comex division of the New York Mercantile Exchange. Prices had earlier dropped to a three week low of $1,263.80. For the week gold prices were down 0.68%. The dollar index eased 0.01% to 94.71. Investors will be focusing on Wednesday’s Fed meeting for fresh clues on the likely trajectory of monetary policy. Friday’s U.S. jobs report for October will also be closely watched. Last week, gold prices rose on Friday, reversing earlier losses as the Catalonia parliament\’s declaration of independence bolstered safe haven demand for the precious metal. Catalonia’s parliament on Friday declared independence from Spain, adding to fears over instability in the European Union. The moves prompted Spain’s prime minister to sack the Catalan government and call elections next month. Bullion is often used as a safe haven in times of geopolitical and economic uncertainty, while riskier assets such as equities are generally sold off
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