Gold declines in Asia with investors anticipating new economic data

Gold declines in Asia with investors anticipating new economic data

8 April 2015, 08:51

On Wednesday gold prices dipped in Asia as investors were estimating U.S. data for signs wether recent downbeat figures were seasonal and related to a harsh East Coast winter rather than a general slowdown.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery eased 0.14% to $1,208.90.40 a troy ounce.

Silver for May delivery fell 0.11% to 16.822 a troy ounce. Copper for May delivery dropped 0.05% to $2.753 a pound.

Gold futures fell back overnight impacted by a stronger dollar, eliminating some of the gains from Monday's rally when the precious metal nearly reached a seven-week high after downbeat U.S. jobs data.

Last Friday, a weaker than expected U.S. employment report fueled speculation that the Fed could delay a highly anticipated interest rate hike.

The labor force participation rate, which measures the number of people who are either employed or actively looking for work, also painted a downbeat outlook. During the month of March, the rate ticked down to 62.7%, the lowest level in 36 years.

However, economic data issued earlier this week, has been slightly more encouraging.

On Monday the ISM non-manufacturing Index posted a 56.5 figure, bolstered by strength in new orders with a 57.8 rating. It came in the wake of positive services data, after the PMI Services Index rose to 59.2 in March, more than one-half point higher than monthly forecasts. The reading was also up more than two points from the final reading for February.

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