Gold soars in Asia as traders shrug of Fed rate hike views

On Wednesday, gold reported revenues in Asia as traders followed an overnight trend in the face of renewed hopes for a Fed rate lift this year as well as Japan’s better than expected machinery orders data.   

In New York, December delivery gold futures surged 0.52%, trading at $1,353.65 per ounce. Additionally, September delivery silver futures leapt 0.89%, hitting $20.027 per troy ounce, while September delivery copper futures gained 0.19% at $2.156 per pound.

In Japan, core machinery orders soared 8.3%, quite higher the 3.1% profit observed month-on-month and also posted a 0.9% sink year-on-year, better than the 4.2% descend observed. Apart from that, PPI boasted a 3.9% sag, a bit below the 4.0% sink observed year-on-year.

Overnight, gold edged up during a quiet trading session, as equities worldwide got to their highest level for nearly a year, thus dampening the number one precious metal's appeal as a safe-haven asset. Meanwhile, traders kept looking for higher dividends amid an ongoing rout in global bond yields.

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