Gold boasts mild profits in Asia

On Wednesday, gold posted mild revenues in Asia, with market participants being cautious of a sentiment shift as the US major bank nears a widely expected rate lift at the end of 2016.

December delivery gold futures in New York grew 0.14%, trading at $1,275.35 a troy ounce. December delivery silver futures sagged 0.07%, reaching $17.767 per troy ounce. At the same time, copper futures soared 0.05%, reaching $2.136 a pound.

Overnight, gold prices contributed to overnight revenues as a recent string of positive American economic data combined with hawkish remarks from major Fed officials heightened hopes for higher interest rates in the nearer months.

However, a sag in the October American Conference Board consumer confidence index to about 98.6 from 103.5 last month drew attention.

Market participants are currently pricing in approximately a 78.3% probability of a rate lift at the Fed's December gathering, as Fed Rate Monitor Tool informs. 

Scroll to top