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Gold declines in Asia
On Friday, gold dived in Asia, with sentiment backed mostly by political risk as well as mixed views as for the pace of Fed rate lifts this year.
In New York, April delivery gold futures declined 0.13%, trading at $1,225.45 a troy ounce. Besides this, silver futures dipped 0.24%, trading at $17.288 a troy ounce, copper fell 0.11%, being worth $2.674 a pound.
Overnight, gold prices ascended steeply, amid a weakening greenback, as market participants mulled over the Fed’s more dovish than the expected statement on the pace of rate lifts in 2017.
On Wednesday, Fed Chief Janet Yellen told at the press conference that the Fed would keep providing an accommodative monetary policy to back the American economy, though warned against a prolonged period of lower rates just to avoid a situation which forces the major US bank to lift rates rapidly.
Meanwhile, a mixed batch of economic data had rather a muted effect on the number one precious metal as it kept trading close to near session peaks.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.