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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.
Australian Private Capital Expenditure will be out on Thursday at 2:30 MT time!
Oil jumped to March high, stocks are heading to record highs, while the US dollar is on the back foot.
News geeks get ready for the chain of US reports, which starts at 15:30 MT time on November 25!