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Gold prices weaker in Asia as demand cues awaited

Investing.com -

Investing.com - Gold reversed course in Asia on Friday with investors awaiting further details on U.S. spending priorities to be set by president-elect Donald Trump that could drive demand for precious and industrial metals.

Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.41% to $1,261.25 a troy ounce and silver futures for December delivery dropped 1.09% to $18.532 a troy ounce.

Elsewhere in metals trading, copper dropped 0.16% to $2.541 a pound after recent sharp gains. The metal is regarded as a leading indicator of the global economy. It is used in the construction of buildings, power generation and transmission and the manufacture of consumer electronics.

Overnight, gold prices rose sharply during Europe's session on Thursday, as the U.S. dollar pulled back from a two-week high touched in wake of Donald Trump's election victory.

A day earlier, gold futures surged by as much as 4.7% to a six-week peak of $1,338.30, before falling back to end at $1,273.50, as financial markets recovered to show surprise gains in the wake of Republican Trump's shock presidential victory.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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