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On Thursday, gold dived in Asia as a widely expected interest rate lift by the Fed provided room for caution, though the major American currency failed to respond steeply providing room for support.
In New York, August delivery gold futures tumbled 0.68%, trading at $1,267.18 a troy ounce. As for copper futures, they gained 0.31%, being worth $2.572 a pound.
Overnight, gold found itself under pressure, after the Fed lifted interest rates for the second time this year and also maintained its outlook of three total rate lifts for 2017.
On Wednesday, the Fed dared to lift its major interest rate by 0.25%. The current range accounts for 1.00%-1.25%.
The major US bank told it expects a tightening labor market to raise inflation to the 2% objective over the medium term.
The bullish comments on inflation along with extra rate lifts pushed the greenback into positive territory versus a basket of global currencies and bringing the number one precious metal to session minimums.
On Monday, the yellow metal managed to ascend, making its way towards their best outcome since April because the evergreen buck slumped on expectations that America and China would come to an agreement ending their long-lasting trade conflict…
On Thursday, gold inched down and then recovered because downbeat American economic data compensated optimism over trade negotiations between America and China…
On Monday, gold went down in Asia due to the fact that the evergreen buck managed to ascend…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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