Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Gold down in Asia after China industrial output, retail sales noted

CommoditiesNov 13, 2016 09:22PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Gold down in Asia

Investing.com - Gold prices fell in Asia on Monday after China data mildly disappointed and investors infrastructure spending plans by president-elect Donald Trump with the Republican part in control of both house of the U.S. Congress.

China said fixed asset investment for October rose 8.3%, beating the 8.2% rise seen year-on-year and industrial production gained 6.1%, below the expected 6.2% rise seen and retail sales increased 10.0%, below the 10.7% increase seen.

Earlier, Japan reported third quarter GDP jumped 0.5% quarter-on-quarter and at a 2.2% pace year-on-year, handily beating expected gains of 0.2% and 0.9% respectively. Separately, comments from Bank of Japan Governor Haruhiko Kuroda on inflation were noted.

Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.55% to $1,217.55 a troy ounce. Also on the Comex, silver futures for December delivery dropped 1.03% to $17.203 a troy ounce, while copper futures jumped 2.31% increase to $2.565 pound.

Copper was boosted last week after Trump raised the prospect of increased infrastructure spending, while recent signs of strengthening demand in China have also underpinned prices.

Later this week, investors will be looking to congressional testimony by Fed Chair Janet Yellen on Thursday for fresh indications on whether interest rates will rise next month.
Last week, gold prices fell to five month lows on Friday as risk appetite recovered following Trump’s victory in the U.S. presidential election, sapping investor demand for safe haven assets.

Market sentiment was boosted by optimism that increased fiscal spending and tax cuts under a Trump administration will spur economic growth and inflation.

Gold prices were also pressured lower by the stronger U.S. dollar and ongoing expectations for a Federal Reserve interest rate increase in December.

Expectations for higher U.S. interest rates remained intact amid optimism that a pick-up in growth will allow the Fed to tighten borrowing costs.

Investors currently price an 81.1% chance of a rate hike at the Fed's December meeting; according to federal funds futures tracked 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, while boosting the dollar in which it is priced.

Gold down in Asia after China industrial output, retail sales noted
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Jack Soco
Jack Soco Nov 13, 2016 10:34PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
A sure bet is in Copper. 3.3$ /lb in 6 months.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email