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Gold Rises In Low Liquidity Trading On Thanksgiving Day -

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Nov, 27th 03:24

gold-analysis

Gold ticked higher in Asia on Friday as investors awaited further cues from the U.S. where markets were shut overnight for Thanksgiving.

Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.09% to $1,071.00 a troy ounce.

Silver futures for December delivery fell 0.11% to $14.230 a troy ounce.

Elsewhere in metals trading, copper dropped 0.14% to $2.087 a pound after surging on Thursday, along with other base metals such as nickel and zinc, as China regulators were said to consider a probe into metal short-selling in the local market.

Prices received another boost amid reports that Chinese smelters are planning a meeting to consider taking action against falling prices.

Copper is down more than 10% so far this month as expectations of higher interest rates in the U.S. and slower global economic growth, especially in China, weighed.

Overnight, gold prices were little changed on Thursday, as trading conditions remained thin with markets in the U.S. closed for the Thanksgiving Day holiday

Trade volumes were expected to remain light on Thursday, with Comex floor trading scheduled to remain closed for Thanksgiving. An abbreviated session was slated for Friday.

On Wednesday, prices shed $3.80, or 0.35%, after upbeat U.S. economic data reinforced expectations for a Fed rate hike next month.

Gold futures are down more than 6% so far in November amid expectations for a December liftoff in U.S. interest rates. Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise.

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