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MTECHTIPS:-Gold holds flat to weaker in Asia with Fed the key focus

MTECHTIPS:-Gold holds flat to weaker in Asia with Fed the key focus

Gold prices held flat to weaker in Asia on Wednesday with the focus on the Federal Reserve latest monetary review this month. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded nearly flat, down 0.04% to $1,177.00 a troy ounce. Silver for December delivery fell 0.08% to $15.905 a troy ounce, while copper for December delivery eased 0.11% to $2.363 a pound. Overnight, gold futures rallied on Tuesday amid a slightly weaker dollar, one session after tumbling nearly 1% following indications from China that the world’s second-largest economy could expand this year at its lowest rate in more than a decade. Metal traders continued to digest weak economic data from China on Monday when the National Bureau of Statistics reported that Chinese GDP grew by 6.9% in the third quarter, marking the slowest three-month period of growth since the height of the Financial Crisis. The soft reading intensifies concerns that China could end the year with annual growth below 7% for the first time in more than a decade. In August, China rattled global markets with a surprising decision to devalue the yuan as part of an initiative to stimulate its flagging economy.

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