Gold surges in Asia

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.

 

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