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MTECHTIPS:-Gold prices ease in Asia as investors lock-in recent gains

MTECHTIPS:-Gold prices ease in Asia as investors lock-in recent gains

 

Gold prices eased in Asia on Friday on profit taking on recent gains on a soft outlook for U.S. interest rates. On the Comex division of the New York Mercantile Exchange, gold for December delivery fell 0.45% to $1,182.20 a troy ounce, while silver for December delivery eased 0.43% to $16.095 a troy ounce. Copper for December delivery rose 0.09% to $2.434 a pound. Overnight, gold futures moved to fresh three month highs on Thursday, as relatively soft U.S. inflation data appeased dovish sentiments for delaying an interest rate hike by the Federal Reserve beyond the end of the year. On Thursday morning, the U.S. Department of Labor’s Bureau of Labor Statistics (BLS) said its Consumer Price Index fell by 0.2% for the month of September, in line with consensus estimates. A month earlier, the reading fell by 0.1% in August. On a year-over-year basis, the headline reading is identical to its level 12 months ago. There were signals throughout the report of weakness in the energy sector, restraining inflationary pressures overall. For the month, energy prices declined by 4.7%, while gasoline prices plummeted by 9.0% in September. The dip in energy prices pulled down transportation costs, which fell by 2.3% on the month.

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