Gold prices move moderately higher in Asia

9 September 2016, 08:09
Eko Rediantoro

On Friday, gold soared as it swung between tiny revenues and losses in Asia right after consumer prices in China happened to be lower than expected, thus capping recent positive data in trade as well as manufacturing from the country, which is the second largest importer of gold.

CPI figures in China came in at a soar of about 0.1% month-on-month for August, quite below the 0.3% revenue observed, and at a 1.3% pace year-on-year, which is under the 1.7% surge expected. Meanwhile, PPI figures dipped 0.8% year-on-year, which is less than the 0.9% tumble observed.

In New York, December delivery gold futures leapt 0.05%, hitting $1,342.25 per troy ounce.

Overnight, gold struggled for direction in North American trade, as market participants digested the latest American data and comments from European Central Bank President Mario Draghi.

The number of folks filed for unemployment assistance in American the previous week sagged to a seven-week minimum, thus remaining in territory associated with a healthy labor market, as official data revealed on Thursday.

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