Gold soars in Asia on Fed rate views

September 13, 2016

On Tuesday, gold gained during early Asia trade with views on chances for an American rate lift next week squarely in focus. Additionally, Chinese optimistic data on industrial production shrugged off in the case ofВВВ copper.

In New York, December delivery gold futuresВВВ grew 0.74%, hitting $1,335.45 per troy ounce. At the same time December delivery silver futuresВВВ gained 1.63%, trading at $19.310 per troy ounce. As for December delivery copper futures, they moved down 0.14%, being worth $2.104 per pound ahead of closely-watched data sets from China, which is the world's number one copper importer.

Meanwhile, China reportedВВВ that fixed asset investmentВВВ for August edged up 8.1%, which is better than the 8.0% year-on-year revenue observed, while industrial productionВВВ soared 6.3%, beating an expected 6.1% year-on-year growth. As for retail sales, they moved up 10.6%, ahead of the 10.3% leap observed.

Overnight, gold prices slumped because views on the prospect for a lift in American interest rates took center stage.

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