MANTHANTIPS:- Gold drops slightly in Asia after China prices data
Gold prices dropped slightly in Asia on Tuesday as prices data from China showed a gain in July that kept any views on immediate easier policy prospects in check. On the Comex division of the New York Mercantile Exchange, gold for December delivery dropped 0.12% to $1,339.65 a troy ounce. Silver futures for September delivery fell 0.19% to $19.767 a troy ounce, whilecopper futures for September delivery were quoted flat at 2.160 a pound. China reported CPI for July with a 0.2% gain in July, a faster pace than the 0.1% gain seenmonth-on-month and an annual level of 1.7%, a tad below a 1.8% pace seen year-on-year.PPI figures from China showed a decline of 1.7%, less than the fall of 2.0% year-on-year expected. In Australia, NAB business confidence came in at plus-4 for July, compared with a previous reading of plus-6, along with the NAB business survey that reached plus-8, compared with a previous reading of plus-12. Overnight, gold inched down on Monday, amid a moderately stronger dollar, as investors continued to stake their bets on a 2016 interest rate hike from the Federal Reserve following a robust U.S. monthly jobs report at the end of last week.