MTECHTIPS;- Gold Prices Dip In Asia As Risk Trade Eases, Copper Down

MTECHTIPS;- Gold Prices Dip In Asia As Risk Trade Eases, Copper Down On China Houses Data

MTECHTIPS-Gold prices dipped in Asia on Monday as risk trade eased for now and investors awaited more insight on U.S. tax cut plans and related Fed policy. Gold futures for December delivery fell 0.33% to $1,292.1841 on the Comex division of the New York Mercantile Exchange. Copper on the Comex eased 0.36% to $3.057 a pound. The industrial metal has pulled back around 6% from the three-year highs hit in late October, amid concerns about demand from China, the world’s largest consumer. Copper is still up more than 20% for the year. At the weekend, China reported home prices in major Chinese cities remained mostly stable as gains and dips slowed pace in October amid strict government controls. Prices of new residential housing in 13 out of the 15 major cities surveyed, considered the hottest markets, grew less YoY in October, the newspaper said citing data from National Bureau of Statistics (NBS). Meanwhile, new residential housing prices fell in nine out of these 15 cities in October from September, according to the report. An NBS expert cited in the report said that overall housing prices were stable in major cities as the government imposed curbs take effect. Prices of new residential housing fell 0.1% in October from September in China’s first-tier cities while prices for second-hand homes were flat, according to the report. On a yearly basis, growth in prices for new and second-hand homes in first-tier cities slowed in October for the 13th consecutive month, the report added

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