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MTECHTIPS:-Gold up in Asia in light trade with Fed minutes eyed

Gold prices rose in Asia on Wednesday in light trade with China market shut and holding steady from overnight ahead of Federal Reserve meeting minutes for September. On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.06% to $1,147.10 a troy ounce. Silver for December delivery fell 0.40% to $15.920 a troy ounce. Copper for December delivery was up 0.12% at $2.360 a pound. Overnioght, gold futures rose considerably on Tuesday amid a weaker dollar, as the International Monetary Fund cut its forecast for global economic growth for the second time this year. On Tuesday, the International Monetary Fund, a Washington-based organization mandated to ensure the stability of the international monetary system, slashed its global economic growth forecast for the second time in 2015. Citing weakness in China and soft commodity prices, the IMF estimated that the world’s economy will grow at 3.1% this year and 3.6% in 2016. Both estimates are 0.2% below the IMF’s July forecasts. In April, the IMF downgraded its 2015 forecast by 0.4% and its growth forecast for 2016 by 0.2%.

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