Gold goes down in Asia after Fed lift

Gold goes down in Asia after Fed lift

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.

 

Similar

Gold inches up

On Thursday, gold ascended because bullish traders took the Fed’s latest hawkish remark in stride and also targeted the $1,250 level for the purpose of recapturing ground lost earlier in the year…

Gold goes down

On Wednesday, gold sank after a two-day rally because a strengthening greenback took some of the bullish support from the yellow commodity because the Fed uncovered details from its latest policy gathering…

Gold rallies to 3-month maximums

On Monday, gold surged nearly 1% hitting the highest value for three months because a combination of fears over soaring American yields as well as the impact of trade clash, along with geopolitical risks and also a weaker greenback, backed demand for the…

Latest news

Greenback edges down

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…

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

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

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