The US Payrolls Bring New Hope for Gold
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Gold ascends in Asia on views for 3rd Fed lift in 2017
On Wednesday, gold added in Asia, with Fed views on rate lifts for the rest of 2017 in focus with some hopes that inflation isn’t sturdy enough for a third lift this year as forecast.
In New York, August delivery gold futures acquired 0.29%, trading at $1,247.13 a troy ounce.
Overnight, gold was still subdued due to the fact the greenback kept advancing amid strengthening expectations that the Fed would raise its interest rate by the year-end.
Gold futures kept trickling lower because an ascending number of traders actually expect the major US bank to increase interest rates by the end of 2017 in the wake of positive comments from Fed officials.
Quite bullish comments from Fed officials have shocked market participants because economic data has failed to demonstrate consistent American economic surge.
The number one precious metal has kept slipping from its recent peak, after the Fed raised rates last Wednesday, thus leaving the door open for an extra rate hike this year.
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