30.1 C
New York
Friday, July 1, 2022

Gold Prices Slip as Dollar Steadies After Fed

Gold Prices Slip as Dollar Steadies After FedGold prices slipped on Thursday

Investing.com – Gold prices slipped on Thursday after the dollar steadied after the Federal Reserve concluded a two-days policy meeting and on the U.S. economy.

for December delivery on the Comex division of the New York Mercantile Exchange fell by $0.6, or 0.06%, to $1,227.00 a troy ounce by 1:40AM ET (05:40 GMT).  

The Fed left interest rates unchanged following a two-day policy meeting, as widely expected. The central bank then upgraded its view on the economy.  

The committee said it expects that “further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the committee’s symmetric 2 percent objective.” 

The , which tracks the greenback against a basket of other currencies, gained 0.11% to 94.56 by 12:30AM ET (04:30 GMT).

“The Fed delivered rather hawkish comments in the statement emphasizing the strength of the U.S. economy,” said Osamu Takashima, head of G10 FX strategy, at Citigroup Global Markets Japan. 

“There was no big surprise in last night’s statement, but the overall tone was a little bit stronger than last one.”

Meanwhile, Asian markets extended losses on Thursday, with China’s stock markets down more 3% amid renewed trade war fears.  

Higher U.S. tariffs on Chinese imports now look increasingly likely after U.S. Trade Representative Robert Lighthizer confirmed President Donald Trump is considering a higher 25% tariff on $200 billion worth of Chinese goods because China refused to meet U.S. demands. Trump previously said U.S. could eventually impose tariffs on all U.S. imports from China.  

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Popular Articles