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Gold gains moderately in Asia
On Monday, gold prices added moderately in Asia, with the focus ahead on Fed officials’ comments this week.
In New York, April delivery gold futures soared 0.02%, trading at $1,230.40 a troy ounce. Meanwhile, copper futures reached $2.680 a pound with operations at major mines in Chile and Indonesia in focus as negotiations on wages and regulations continue.
This week the market awaits Fed officials, including Chair Janet Yellen. Traders want more clues on the timing of the next American rate lift and also eye data on inflation from Great Britain as well as euro zone polls on business activity as the UK braces for Brexit. On Monday, Japanese markets are shut for a holiday.
The previous week, gold prices inched up on Friday as expectations of a slower pace of American interest rates lifts than some market participants had anticipated kept weighing on the major US currency.
However, the Fed didn’t flag any plan to speed up the overall pace of monetary tightening, with Yellen repeating that the pace of rate lifts would be gradual.
Follow Canadian core retail sales on September 18 at 15:30 MT time!
The US dollar gained after the Fed’s report, while riskier assets dropped. Let’s have a closer look.
Keep an eye on the UK monetary policy statement on September 17 at 14:00 MT time!