Investing.com - Gold futures eased higher in European trade Friday, as expected Indian seasonal demand lifted prices despite global economic worries.
On the Comex division of the New York Mercantile Exchange, Gold futures for December delivery traded at USD1730.35, higher by 0.24% in mid European trade
Despite the bullish action, market sentiment continued to be weighed by concerns over the U.S. fiscal cliff, automatic tax hikes and spending cuts due to come into effect on January 1 unless lawmakers can reach an agreement, which could threaten U.S. and global growth.
However prices were lifted after official data earlier showed that industrial production in China rose by 9.6% in October, more than the expected 9.4% increase and following a 9.2% rise the previous month.
A separate report showed that the U.S trade deficit narrowed to USD41.5 billion in September from a deficit of USD43.8 billion in August, defying expectations for a deficit of USD45.0 billion.
Gold demand in India, the world’s largest consumer of the metal, is expected to climb by as much as 14% this quarter due to a decline in prices and festival demand.
US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, climbed 0.15% to trade at USD81.02.
Elsewhere on the Comex, Silver for December delivery fell 0.20% to trade at USD32.175 a troy ounce while Copper for December delivery plunged 1.27% to trade at USD3.425 a pound.
On the Comex division of the New York Mercantile Exchange, Gold futures for December delivery traded at USD1730.35, higher by 0.24% in mid European trade
Despite the bullish action, market sentiment continued to be weighed by concerns over the U.S. fiscal cliff, automatic tax hikes and spending cuts due to come into effect on January 1 unless lawmakers can reach an agreement, which could threaten U.S. and global growth.
However prices were lifted after official data earlier showed that industrial production in China rose by 9.6% in October, more than the expected 9.4% increase and following a 9.2% rise the previous month.
A separate report showed that the U.S trade deficit narrowed to USD41.5 billion in September from a deficit of USD43.8 billion in August, defying expectations for a deficit of USD45.0 billion.
Gold demand in India, the world’s largest consumer of the metal, is expected to climb by as much as 14% this quarter due to a decline in prices and festival demand.
US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, climbed 0.15% to trade at USD81.02.
Elsewhere on the Comex, Silver for December delivery fell 0.20% to trade at USD32.175 a troy ounce while Copper for December delivery plunged 1.27% to trade at USD3.425 a pound.