Gold soars in Asia as traders wait for Fed views

Gold soars in Asia as traders wait for Fed views

On Wednesday, gold prices soared in Asia, with the fresh Fed view on interest rates awaited by the financial markets, to understand if weaker than expected surge and a slower legislative process on tax cuts as well as spending plans by the Trump administration has influenced forecasts for 2017.

In New York, June delivery gold futures grew 0.05%, trading at $1,257.64 a troy ounce. Meanwhile, copper futures slumped 0.91%, trading at $2,616 a pound.

Overnight, gold managed to pare losses, deriving benefits from a weaker greenback, as traders’ appetite for riskier assets sagged moderately ahead of the Fed’s interest rate verdict on Wednesday.

Gold bounced back from a three-week minimum, as uncertainty as for the overall tone of the Fed statement, to be issued on Wednesday, along with an interest rate verdict, capped losses.

Recent economic reports haven’t appeared to be supportive of faster rate lifts because manufacturing as well as construction spending activity edged down in April, while market participants braced for a jobs report on Friday.

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