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Gold soars in Asia ahead of Fed decision on rates
On Wednesday, gold edged up moderately in Asia, with the Federal Reserve generally expected to officially announce a quarter point lift in interest rates, although the language on 2018 is considered to be decisive for the number one precious metal.
In New York, February delivery gold futures rallied 0.28% being worth $1,245.20 a troy ounce.
Overnight, the yellow metal was still at five-month minimums amid dollar strength that followed an improving inflationary environment. Meanwhile, a widely anticipated Fed interest rate lift kept weighing on gold.
An improving inflationary environment that could potentially encourage the major US bank to adopt a tighter rate-hike cycle next year underpinned the evergreen buck, thus suppressing gold.
On Wednesday, the Labor Department told that the previous month its producer price index for final demand edged up 0.4%. For the last 12 months through August, the PPI tacked on 3.1% having soared 2.8% in October.
The price for WTI has risen to its highest levels since the beginning of May.
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