Gold Prices Gain In Asia Despite Fed Hike, Inflation Picture Uncertain
Gold prices gained in Asia on a perceived dovish tilt to a Fed rate hik overnight and as economists grapple with inflation outlook with the US reaching nearly full employment by conventional measures.
Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose by 0.86% to $1,259.30 a troy ounce.
China reported industrial production for November came in at a gain of 6.1%, compared with a 6.2% rise seen followed by retail sales which rose 10.2%, compared to a 10.3% rise expected and fixed asset investment came in up 7.2% as seen.
The Federal Reserve approved its third rate hike of 2017, and forecasts further rate hikes despite growing concerns over the slow pace of inflation.