Gold prices edge up in Asia
On Thursday, gold surged during Asia trade as market participants kept backing the yellow metal notwithstanding a widely expected Fed rate lift next month.
In New York, December delivery gold futures added 0.27%, trading at $1,227.15 per troy ounce. Meanwhile, December delivery copper futures tumbled 0.53%, being worth 2.454 a pound
Overnight, gold futures tacked on during early European trade, though revenues were limited amid mounting hopes that the Fed will lift interest rates already next month.
Market experts warned that the outlook for gold is still cloudy in the near-term. Gold prices have dropped more than 6% for the last week amid upbeat sentiment that raised fiscal spending as well as tax cuts under a Trump administration will back economic growth and inflation, which would definitely open an era of higher interest rates.
Currently, market participants are pricing in a 90.6% probability of a rate lift at the Fed's December 13-14 gathering, as Investing.com's Fed Rate Monitor Tool states.