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Gold prices down in early Asia with focus on Fed

Published 12/14/2014, 06:10 PM
Gold prices dip in early Asia

Investing.com - Gold prices eased on Monday in Asia as investors focused on the increasing likelihood the Federal Reserve will raise interest rates early next year.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,222.70 a troy ounce, down 0.04%. On Friday, they declined $3.10, or 0.25%, to settle at $1,222.50 a troy ounce.

Last week, gold futures dipped modestly on Friday, but still ended the week up nearly 3% as investors sought shelter from steep losses in oil and equity markets, amid lingering fears of a global economic slowdown.

Despite Friday's modest losses, gold prices rose 2.62%, or $32.10, on the week, the biggest weekly gain since June.

Also on the Comex, silver futures for March delivery shed 0.08% to $17.035 a troy ounce.

Elsewhere in metals trading, copper for March delivery fell 0.14% to $2.925 a pound.

Official data released Friday showed that industrial production in China rose 7.2% in November, missing expectations for an increase of 7.5% and slowing from a 7.7% gain in October.

The preliminary reading of the University of Michigan's consumer sentiment index released Friday rose to 93.8, the highest level since January 2007 and ahead of forecasts of 89.7.

Consumer sentiment was boosted by the improving outlook for employment and wage growth and lower gasoline prices.

In the week ahead, investors will be awaiting the outcome of Wednesday’s Federal Reserve policy meeting for further clarification on when interest rates might start to rise.

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