Gold surges in Asia as traders look to Fed minutes
On Monday, gold managed to derive revenues in Asia as market participants looked ahead to more clues from the Fed on rate increase prospects and noted gloomy prices data from Japan.
In New York, June delivery gold futures edged up 0.20%, trading at $1,275.25 per troy ounce. Then, July delivery silver futures acquired 0.11%, at $17.150 a troy ounce. As for July delivery copper futures, they dropped 0.34%, being worth $2.071 a pound.
Meanwhile, in Japan April’s PPI data dived 0.3% month-on-month, a bit more than the expected 0.2% descend.
In the week ahead, traders will be paying their attention to Wednesday’s minutes of the Fed’s March policy gathering for new clues on the timing of the next American rate hike.
American inflation data is going to be in focus too, as traders try to gauge if the world's number one economy is strong enough to cope with upcoming rate surges in 2016.
Last week, gold edged up moderately on Friday, though revenues were quite limited as market participant reassessed their expectations for the timing of the next American rate increase, following the issue of better than expected American retail sales as well as consumer sentiment data.