Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Gold prices down in Asia after Fed, focus on holiday demand

Published 12/17/2014, 07:14 PM
Updated 12/17/2014, 07:15 PM
Gold prices dip in Asia

Investing.com - Gold prices eased on Thursday in Asia as the Federal Reserve's outlook on rates weighed, though support on holiday demand remained.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,190.20 a troy ounce, down 0.36%, after hitting an overnight session low of $1,191.00 and off a high of $1,203.00.

Overnight, gold futures dipped on Wednesday as investors jumped to the sidelines ahead of the Federal Reserve's statement on monetary policy later in the session.

The Federal Reserve is not seen raising interest rates until 2015, but many investors bet Wednesday's statement will scrap language suggesting that borrowing costs will remain low for a considerable amount of time.

Expectations for more hawkish language supported the greenback, which tends to trade inversely with gold.

Elsewhere, investors shrugged off lackluster inflation data.

The Department of Labor reported earlier that the U.S. consumer price index fell 0.3% last month, outpacing estimates for a decline of 0.1% and down from a flat reading in October.

Consumer prices were 1.3% higher on a year-over-year basis, just shy of expectations for a 1.4% reading after a 1.7% increase in October.

Core consumer inflation, which strips out volatile food and energy components, was up 0.1% from a month earlier and rose at an annual rate of 1.7%. Economists had forecast a monthly increase of 0.1% and an annual gain of 1.8%.

Silver futures for March delivery was up fell 1.07% at $15.758 a troy ounce. Copper futures for March delivery eased 0.25% at $2.867 a pound.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.