Gold revives in Asia

On Monday, gold gained during early Asia trade, as market participants focused on the recent drops as a good opportunity to buy.

In New York, December delivery gold futures ascended 0.73%, hitting $1,187.00 per troy ounce. Meanwhile, silver futures stood still at $16.554 per troy ounce. Simultaneously, copper futures dived 0.24%, reaching $2.657 a pound.

This week brings American nonfarm payrolls report for November on Friday and also data on American economic growth as well as manufacturing for fresh clues on the probability of a December rate lift. Market participants will also be watching euro zone inflation data as well as manufacturing reports out of Great Britain and China.

On Monday, Mario Draghi, European Central Bank President will testify about the ECB’s outlook on economic and also monetary developments, not to mention the consequences of Brexit to the Economic Committee in the European Parliament.

The previous week, gold closed at the lowest level for nine months on Friday, as hopes for higher American interest rates kept clouding the overall demand outlook for the precious metal.

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