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MTECHTIPS:-Gold Prices Gain In Asia After Chinese Trade Data Mixed

Friday, January 12, 2018 6:28
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MTECHTIPS:-Gold Prices Gain In Asia After Chinese Trade Data Mixed

 

MTECHTIPS- Gold prices inched up on Friday in Asia with Chinese trade data providing a mixed picture on global demand prospects and potential higher inflation. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose 0.41%, to $1,327.90 a troy ounce. China reported trade data for December with exports up 10.9%, compared to a gain of 9.1% seen, imports posted a 4.5% rise, compared to a 13.0% increase expected and the trade balance came in at $54.69 billion surplus, compared to surplus of $37 billion seen. Gold prices rose to nearly four-month highs as the dollar came under pressure after the euro surged on hawkish European Central Bank meeting minutes suggesting monetary policy tightening may soon follow. The European Central Bank could consider a gradual shift in guidance from early 2018, the minutes of the ECB December meeting showed, as policymakers saw “some comfort” in wage dynamics despite ongoing concerns over subdued inflation. The hawkish tone of the minutes fuelled a surge in the euro, pressuring the dollar toward four-month lows, while weaker-than-forecast wholesale inflation for December deepened the dollar’s retreat supporting an uptick in gold prices. 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, raises demand

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