Gold jumps in Asia on moderately dovish Fed minutes

Gold jumps in Asia on moderately dovish Fed minutes

On Thursday, gold jumped in Asia because the major US bank appears on track for a December rate lift, although the financial institution demonstrated a dovish tone in its 2018 minutes published overnight.

December delivery gold futures grew 0.65% being worth $1,297.32 a troy ounce.

Fed policymakers had rather a prolonged discussion of the prospects of a pickup in inflation, not to mention slowing the path of future interest rate increases if it did not. That’s what market participants learnt from the Fed’s last policy meeting on September 19-20 issued on Wednesday.

As Japan posted, its PPI figures for September tacked on 0.2% as anticipated on month.

Overnight, the major precious commodity slumped below breakeven following easing geopolitical uncertainty, although losses were capped by greenback weakness due to labor market data, which undershot hopes.

On Tuesday, Catalan President Carles Puigdemont told that the declaration of independence would be frozen just to ensure further negotiations with Spain.

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