MANTHANTIPS:-Gold gains in Asia as investors shrug of Fed rate hike views
Gold posted gains in Asia on Wednesday as investors followed an overnight trend in the face of renewed expectations of a Fed rate hike this year and better than expected machinery orders data from Japan. On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.52% to $1,353.65. Silver futures for September delivery jumped 0.89% to $20.027 a troy ounce, while copper futures for September delivery gained 0.19% to $2.156 a pound. In Japan, core machinery orders jumped 8.3%, well above the 3.1% gain seen month-on-month and posted a 0.9% drop year-on-year, better than the 4.2% fall seen. As well PPIfigures showed a 3.9% decline, a tad below the 4.0% drop seen year-on-year. Overnight, gold ticked up in quiet trade, as equities worldwide hit their highest level in almost a year dampening the precious metal’s appeal as a safe-haven asset while investors engaged in a search for higher dividends amid a continuing rout in global bond yields. Fueled by gains among Health Care and Technology stocks on Tuesday, theNASDAQ Composite index and the S&P 500 Composite index ticked higher to reach fresh all-time intraday highs.