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Commodity News |
HeadLine : |
Gold ticks higher in Asia with copper off from overnight surge |
Date : |
Nov 27 2015 |
Gold ticked higher in
Asia on Friday as investors awaited further cues from the U.S. where
markets were shut overnight for Thanksgiving.
Gold for December
delivery on the Comex division of the New York Mercantile Exchange
rose 0.09% to $1,071.00 a troy ounce.
Silver futures for
December delivery fell 0.11% to $14.230 a troy ounce.
Elsewhere in metals
trading, copper dropped 0.14% to $2.087 a pound after surging on
Thursday, along with other base metals such as nickel and zinc, as
China regulators were said to consider a probe into metal
short-selling in the local market.
Prices received another
boost amid reports that Chinese smelters are planning a meeting to
consider taking action against falling prices.
Copper is down more than
10% so far this month as expectations of higher interest rates in the
U.S. and slower global economic growth, especially in China, weighed.
Overnight, gold prices
were little changed on Thursday, as trading conditions remained thin
with markets in the U.S. closed for the Thanksgiving Day holiday
Trade volumes were
expected to remain light on Thursday, with Comex floor trading
scheduled to remain closed for Thanksgiving. An abbreviated session
was slated for Friday.
On Wednesday, prices shed
$3.80, or 0.35%, after upbeat U.S. economic data reinforced
expectations for a Fed rate hike next month.
Gold futures are down
more than 6% so far in November amid expectations for a December
liftoff in U.S. interest rates. Expectations of higher borrowing
rates going forward is considered bearish for gold, as the precious
metal struggles to compete with yield-bearing assets when rates are
on the rise.
Source:-Forexpros
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