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Gold dips in Asia in light regional data day, U.S. eyed

3/23/2017, 10:07:01 AMBasics of Trading
Gold dips in Asia in light regional data day, U.S. eyed

Gold prices eased in Asia on Thursday in a light regional data day as markets look to U.S. politics over healthcare for risk direction with a key vote expected in Congress.

Gold for April delivery on the Comex division of the New York Mercantile Exchange eased 0.29% to $1,246.05 a troy ounce, while copper was last quoted at $2.639 a pound.

Overnight, gold prices traded higher on Wednesday, as investors piled into the yellow-metal amid doubts over President Trump's economic policies while weaker than expected economic data supported upside momentum.

Gold prices continued to trade near session highs, as investors focused on the lack of progress concerning the Trump administration’s pro-growth policies ahead of a key House vote on Thursday.

House Republicans plan to vote on their bill to repeal and replace the Affordable Care Act on Thursday.

Meanwhile weaker than expected U.S. home resales weighed on the U.S. dollar and added a layer of supported for dollar-denominated gold.

The National Association of Realtors said on Wednesday existing home sales declined 3.7% to a seasonally adjusted annual rate of 5.48 million units last month.