Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Gold prices gain slightly in Asia as Fed minutes eyed

Published 10/11/2016, 07:16 PM
Updated 10/11/2016, 07:18 PM
© Reuters.  Gold up slightly in Asia

Investing.com - Gold prices gained slightly in early Asia with Fed minutes from the September meeting on tap later in the day to set the tone.

Gold for December delivery on the Comex division of the New York Mercantile Exchange edged up 0.09% to $1,257.00 a troy ounce. Silver futures for December delivery on the Comex gained 0.25% to $17.553 a troy ounce, while copper futures were flat at $2.187 a pound.

Market players will be turning their attention to Wednesday’s minutes of the Federal Reserve’s September policy meeting for fresh clues on the timing of the next U.S. rate hike.

The timing of a Fed rate hike has been a constant source of debate in the markets in recent months.

Overnight, gold prices were marginally higher, but struggled to move away from last week's four-month lows amid indications the Federal Reserve is gearing up to hike interest rates in the coming months.

On Friday, gold prices slumped to $1,243.20, a level not seen since June 7, as a weaker-than-expected U.S. jobs report was not enough to derail expectations for a rate hike from the Federal Reserve before the end of the year.

Markets are currently pricing in around a 69.5% chance of a rate hike at December's meeting, according to Investing.com's Fed Rate Monitor Tool.

Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

Latest comments

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.