Gold prices gained on Tuesday in Asia in think trade with most attention squarely on U.S. jobs data at the end of the week for a better view of chances the U.S. Federal Reserve will hike rates before the end of the year.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery rose 0.13% to $1,314.45 a troy ounce. Silver futures for December delivery on the Comex gained 0.16% to $18.898 a troy ounce. Markets in China are shut for a week-long holiday.
Overnight, gold prices were little changed near two-week lows on Monday, as market sentiment remained supported as concerns over Deutsche Bank’s health continued to ease.
Safe-haven demand weakened following reports late last week that Deutsche Bank(DE:DE:DBKGn) is nearing a deal to settle a mortgage-securities investigation by paying a $5.4 billion fine, well below the Justice Department’s original proposal of $14 billion.
Meanwhile, gold prices were also affected by a stronger dollar after the University of Michigan said in a revised report on Friday that its consumer sentiment index hit 91.2 in September, up from a previous estimate of 89.8 and beating expectations for a reading of 90.0.
Data also showed that the Chicago purchasing managers’ index rose to 54.2 this month from 51.5 the previous month, exceeding expectations for an uptick to 52.0.
Investing.com's Fed Rate Monitor Tool shows investors estimate a 10.3% chance of a rate hike in November, and a 61.6% figure for December.
No comments:
Post a Comment