MTECHTIPS;-Gold Prices Fall In Asia After Official China PMI Dampens

MTECHTIPS;-Gold Prices Fall In Asia After Official China PMI Dampens Sentiment

MTECHTIPS-Gold prices fell in Asia on Tuesday as China showed a dip in a key PMI survey, raising questions about demand prospects as non-manufacturing also fell. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell 0.07%, to $1,276.78 a troy ounce. Copper prices eased 0.19% on the Comex to $3.103 a pound. China reported the official manufacturing PMI for October at 51.6, compared with a level of 52 expected, and its non-manufacturing survey at 54.3, after 55.4 in the previous month. Overnight, gold prices rebounded from session lows as the dollar came under pressure after data showed inflation continued to stutter amid growing speculation that President Donald Trump is likely to pick Federal Reserve Governor Jerome Powell to replace current Fed chair Janet Yellen. Gold prices steadied ahead of the Federal Reserve’s two-day policy meeting which gets underway on Tuesday after data showed inflation remained subdued while consumer spending grew at its fastest rate in more than eight years. The Federal Reserve’s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, rose 1.3% in the 12 months through September

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