Gold soars in Asia on Fed rate views
On Tuesday, gold gained during early Asia trade with views on chances for an American rate lift next week squarely in focus. Additionally, Chinese optimistic data on industrial production shrugged off in the case of copper.
In New York, December delivery gold futures grew 0.74%, hitting $1,335.45 per troy ounce. At the same time December delivery silver futures gained 1.63%, trading at $19.310 per troy ounce. As for December delivery copper futures, they moved down 0.14%, being worth $2.104 per pound ahead of closely-watched data sets from China, which is the world's number one copper importer.
Meanwhile, China reported that fixed asset investment for August edged up 8.1%, which is better than the 8.0% year-on-year revenue observed, while industrial production soared 6.3%, beating an expected 6.1% year-on-year growth. As for retail sales, they moved up 10.6%, ahead of the 10.3% leap observed.
Overnight, gold prices slumped because views on the prospect for a lift in American interest rates took center stage.