Gold prices ease in Asia as Fed, holiday sales figures, awaited

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Investing.com - Gold prices eased in Asia on Wednesday as investors tread water ahead of a Federal Reserve Dec. 17-18 monetary policy meeting and look for more data on holiday sales trends.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,258.90 a troy ounce, down 0.17%, after hitting an overnight session low of USD1,237.40 a troy ounce and high of USD1,267.30 a troy ounce.

Gold prices have shown mild swings after the U.S. Labor Department reported on Friday that the economy picked up 203,000 jobs in November, beating expectations for a 180,000 increase and up from a downwardly revised 200,000 rise the previous month.

The data has divided the market on the possibility of the Federal Reserve scaling back its USD85 billion in monthly bond purchases possibly this month.

Bond purchases have supported gold prices for over a year by weakening the dollar, which trades inversely with the yellow metal.

By Tuesday, investors traded on expectations that the Fed remains on course to considering tapering in early 2014, which gave gold prices room to rise.

Elsewhere on the Comex, silver for March delivery was down 0.06% at USD20.303 a troy ounce, while copper for March delivery was flat at USD3.267 a pou Investing.com
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This article appears in: Investing , Forex and Currencies

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