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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.
On Tuesday, gold rallied a bit because the evergreen buck slumped ahead of what’s widely anticipated to be the Fed’s third interest-rate lift of 2018 this week…
On Monday, gold managed to ascend from one-week minimums in subdued Monday trade due to the fact that market participants waited for what’s widely anticipated to be the Fed’s third interest-rate lift of 2018 this week…
On Friday, gold declined, simultaneously trying to preserve its weekly profits because the USD index jumped, offsetting its abrupt weekly dive…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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