Commodity Alert: Gold prices dip in Asia with India in focus as China holidays ahead
Gold prices fell slightly in Asia as investors looked for support from physical markets in India with China entering a week-long holiday period next month and trade expected to ease. Overnight, gold prices were roughly unchanged on Thursday, as dollar weakness capped downside momentum but the precious metal remained under pressure amid investor expectations of a year-end interest rate hike. Gross domestic product increased at a 3.1% annual rate in the April-June period, the Commerce Department said in its third estimate, beating a previous estimate of 3%.Fresh on the heels of the upbeat economic growth data, a labor market report showed the number of Americans filing for unemployment benefits rose more than expected last week. The U.S. Department of Labor reported yesterday that initial jobless claims increased 12,000 to a seasonally adjusted 272,000 for the week ended Sept. 23, missing forecasts of a 10,000 increase. A jump in investor expectations for a December rate, however, is expected to weigh on upside momentum in gold prices.
Source: Investing
More will update soon!!
