Home / TIPS / MTECHTIPS:-Gold dips in Asia on profit-taking from last week’s gains on U.S. jobs

MTECHTIPS:-Gold dips in Asia on profit-taking from last week’s gains on U.S. jobs

MTECHTIPS:-Gold dips in Asia on profit-taking from last week’s gains on U.S. jobs

Gold held flat to slightly weaker in Asia on Monday as investors took gains from last week and looked ahead to Federal Reserve September meeting minutes this week. Gold for December delivery fell 0.02% to $1,136.40 a troy ounce. Elsewhere in precious metals trading, silver futures for December delivery eased 0.35% to $15.210 a troy ounce and copepr  fell 0.07% to $2.343 a pound. In Japan average cash earnings for August rose 0.5%, a second straight rise, but below the gain of 0.7% expected. The average wages are likely to rebound in the July-September quarter after dipping 0.7% on year in April-June, when the economy contracted on sluggish consumer spending and business investment amid a slow recovery in real wages, high import costs and uncertain global growth. Earlier, the TD-MI September inflation gauge in Australia rose to a gain of 0.3% month-on-month, from a gain of 0.1% in August. “Our tradable- and domestic-inflation gauges are converging toward an annual rate of 2% – phenomena that the RBA has already anticipated whereby the weaker Australian dollar may be boosting imported prices but benign domestic inflation provides an offset,” TD Securities Asia-Pacific macro strategist Annette Beacher said.

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