Gold edges up on Fed policy

Gold edges up on Fed policy

On Thursday, market participants took advantage of more confusion regarding Fed policy on rates and also took the precious commodity higher in Asia, following minutes issued overnight, which casts some doubt on a third lift in 2017.

December delivery gold futures headed north 0.80% in New York reaching $1,293.21 a troy ounce.

Fed minutes demonstrated a surging debate as for another rate lift in 2017. Additionally, the political backlash against Donald Trump's statement on a racist conflict in the USA applied pressure too.

The divide arose in minutes issued from the Fed’s July gathering, when the US key financial institution decided to hold the target rate within a range of 1%-1.25%. The summary pictures views that inflation will undoubtedly meet the Fed's 2% objective, though it’s clearly not there yet.

Overnight, the precious commodity turned positive, on the back of weaker American housing reports. Housing starts sank 4.8% hitting a seasonally adjusted annual rate of about 1.16 million units, as the Commerce Department informed on Wednesday.

Similar

Popular

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera