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Gold prices edge higher in Asia with focus on Fed, physical demand

Published 03/12/2015, 07:11 PM
Updated 03/12/2015, 07:12 PM
Gold price up in Asia
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Investing.com - Gold prices edged marginally higher in Asia on Friday with attention turned to next week's Federal Reserve meeting and prospects for any physical demand support in China and India.

On the Comex division of the New York Mercantile Exchange, gold for April delivery rose 0.16% at $1,153.700 a troy ounce.

Silver futures, meanwhile, for May delivery gained 0.40% to trade at 15.578 a troy ounce.

Copper delivery for May fell 0.11% to $2.656 a pound.

Overnight, gold futures closed slightly higher on Thursday, following a streak of massive losses in recent days amid mounting concerns of an interest rate hike by the Federal Reserve.

Metals traders await next week's Federal Open Market Committee meeting when the Fed could remove its reference to "remaining patient," in its minutes.

The removal is typically an indication that the U.S. central bank is ready to raise interest rates at either of its next two meetings. After next week's meeting, the FOMC will meet in June and September.

Gold had been in freefall since last Friday when prices declined more than $30 an ounce, following stronger than expected U.S. employment data in the February jobs report.

The creation of 295,000 new U.S. jobs, as well as a 5.5% unemployment rate has heightened concerns that the Fed could raise interest rates by June.

On Wednesday, gold futures fell more than $10 an ounce to approach a 52-week low of $1,142.47 from early-November.

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