Another all-time high has juts been reached by the famous crypto asset. What next? $100,000?
Gold surges in Asia
On Thursday, gold ascended in Asia, as market participants parsed the latest Fed minutes for the pace of expected rate lifts and a weaker greenback backed demand.
Some traders actually considered the Fed minutes to be a bit less hawkish than expected and as uncertainty swirls around Trump's intention to lower taxes and boost spending, the outlook hadn’t changed a lot since January with further strengthening of the labor market as well as progress towards the inflation objective and that rate lifts are likely ahead in line with a forecast for three in 2017.
However, members were split over whether stronger inflation justified faster lifts currently or a more gradual pace, considering the persistence of low inflation in the past.
In New York, April delivery gold futures grew 0.70%, trading at $1,257.25 a troy ounce, while copper futures went down 0.34%, reaching $2.668 a pound.
Overnight, gold eased from one-month peaks, suppressed by a soar in the greenback, after the publication of bullish American private sector job surge.
The giant chip maker exceeded analysts’ expectations. Even with a global GPU shortage!
OPEC will hold a meeting on March 4, where it should announce its decision on further oil output.
The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.