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Gold prices gain slightly in Asia with demand forces in focus

CommoditiesDec 06, 2016 09:18PM ET
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© Reuters. Gold edges up

Investing.com - Gold prices edged up in Asia on Tuesday on mild buying sentiment following sustained drops in the past month for the yellow metal.

Gold futures for February delivery rose 0.07% to $1,170.95 a troy ounce on the New York Mercantile Exchange's Comex division.

Overnight, gold prices dropped to levels approximately 12% from November highs as a stronger dollar and a widely expected Fed rate hike next week combine to tamp down interest in the precious metal. Adding to the downbeat views, risk-on trade appetites have grown globally in the wake of Donald Trump's surprise U.S. presidential win.

Investors are also keeping a sharp eye on demand for gold in India and China as weaker currencies may show some spark for demand in the two largest buyers globally.

A final factor dampening the price of the commodity: analysts at Germany's Commerzbank AG O.N. (DE:DE:CBKG) reported pricing pressure from steady outflows from exchange-traded funds that purchase gold.

Gold prices gain slightly in Asia with demand forces in focus
 

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