Gold holds profits in Asia
On Wednesday, gold held profits in Asia, following solid China’s data on GDP, retail sales and output.
In New York, December delivery gold futures ascended 0.12%, reaching $1,264.45 per troy ounce. Aside from that, December delivery silver futures gained 0.11%, trading at $17.657 per troy ounce, while copper futures soared 0.14%, being worth $2.105 a pound.
China’s third quarter GDP boasted a quarter-on-quarter profit of up to 1.8%. It definitely meets expectations along with a year-on-year tempo of 6.7% along with upbeat figures for industrial output, fixed asset investment and retail sales.
China happens to be the world’s major copper consumer, accounting for almost 45% of world consumption.
Overnight, gold prices contributed to overnight profits in North American trade, as dismal American inflation news was seen as easing pressure on the major US bank to tighten monetary policy, thus weighing on the greenback.