Gold prices rose mildly in Asia on Wednesday with investors cautious
ahead of next week's Federal Reserve meeting on interest rates.
Comex gold for December delivery added 0.11% to $1,122.20 a troy ounce, while silver for December delivery gained 0.20% to $14.785 a troy ounce.
Copper for December delivery gained 0.20% to $2.452 a pound.
Overnight, the yellow metal inched up on Tuesday to stop a five-day losing streak, as continuing woes in the Chinese economy and the timing of a potential interest rate hike by the Federal Reserve remain in focus.
The precious metal has been in the negative territory nine of that past 11 sessions and hasn’t drawn much of a bid in recent weeks on the expectation that the Fed may raise interest rates for the first time since 2006.
On Tuesday, data showed that China's dollar-denominated exports fell in August
for a second straight month, highlighting concerns that the world’s
second-largest economy is shrinking.
Exports dropped 5.5% after falling 8.3% in July. Imports slid 13.8% in August.
The Shanghai Composite index still rallied by more than 4.5% in the final hour of trading to erase losses from Monday's session and close up by approximately 3%.
On Monday, the gauge closed more than 2.5% lower after the news said
that China revised its GDP growth rate for 2015 downward from 7.4% to
7.3%.
Many economists expect Chinese GDP growth to fall below 7% for the third quarter after barely reaching the threshold over the first two quarters of the year. China is currently experiencing its lowest rate of economic growth in more than a decade.
