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.

 

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