Gold Prices on the rise in the Asian Market

Gold prices on the rise

On the Comex division of the New York Mercantile Exchange, Gold futures rose by 0.31% and weresold by $1,205.15 per troy ounce, coming from a near 2% drop from the previous week. Also in the Comex, Silver futures for May delivery spiked by 0.73% and were being sold for $17.047 per troy ounce, while copper futures were last seen traded at a quoted at $2,605 per pound. This red metal recorded a down of 3.7% for the trading week that ended March 10.

Global financial markets will be busy with central banks meeting in the week ahead, with policy decision due in the U.S., Japan, The U.K. and Switzerland. Investors will also keep a look out for the headlines             after the two day meeting from the central bankers  and  finance ministers in Germany for further hints on the strength of the global economy and the future direction of the monetary policy.

In Japan, core machinery orders for January were down by a huge 8.2% compared with a 3.3% drop that was seen in the session and has dipped 3.2% compared to last month.

Last week, gold prices settled lower for nine consecutive months on Friday, after a strong U.S. employment data that was reinforced by expectations of a Federal Reserve interest hike next week.

The U.S. added up to 235,000 jobs in February, as the construction sector have recorded its largest gain in nearly 10 years because of the unseasonably warm weather. While the unemployment rate dropped down by 4.7% from 4.8% this January.

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