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Gold prices gain slightly in Asia on rebound

Published 11/29/2015, 06:46 PM
Updated 11/29/2015, 06:47 PM
Gold gains in Asia
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Investing.com - Gold prices held mostly steady in Asia on Monday as investors bought after sharp dips in the U.S. last week.

Gold for February delivery on the Comex division of the New York Mercantile Exchange rose slightly to $1,056.60 a troy ounce.

Also on the Comex, silver futures for March delivery gained 0.10% to $14.035 a troy ounce.

Elsewhere in metals trading, copper for March delivery increased 0.51% to $2.074 a pound.

The red metal surged by as much as 4% on Thursday, as China regulators were said to consider a probe into metal short-selling in the local market.

In the week ahead, investors will focus on Friday’s U.S. nonfarm payrolls report for November, the last jobs report before the Federal Reserve decides on interest rates at its December 15-16 meeting.

The outcome of Thursday’s European Central Bank meeting will also be in focus amid speculation the central bank could ramp up its monetary stimulus program.

On Monday in the euro area, Germany is to release preliminary data on inflation as well as a report on retail sales.

The U.S. is to publish a report on manufacturing activity in the Chicago region as well as private sector data on pending home sales.

Last week, gold prices ended the week at the lowest level since February 2010 on Friday, as market players braced for a hike in interest rates by the Federal Reserve next month.

Gold futures are down more than 6% so far in November amid expectations the U.S. central bank will raise interest rates for the first time in nine years when it meets December 15-16.

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