Gold Silver Futures Prices gain in Asia after Fed Minutes Set Dovish Tone

Gold Silver Futures Prices gain in Asia after Fed Minutes Set Dovish Tone

Gold and silver futures rose in Asia on Thursday as investors saw the US Fed meeting minutes in May overnight as cautious about the timing of the next rate hike.

Gold for June delivery on the Comex Exchange rose 0.50% to $1,259.38 a troy ounce.

Spot gold was nearly flat at $1,258.61 per ounce. It rose about 0.6 per cent on Wednesday.

Gold futures were flat as investors analyzed the Federal Reserve’s minutes of possible changes in expectations on the course of US interest rate hikes, after the latest batch of economic data showed a slowdown in US economic activity in the first quarter.

And increased economic growth in the United States, as measured by gross domestic product, with an annual rate of only 0.7% during the first three months of 2017 and was the slowest period of economic growth in the first quarter since 2014.

In a statement issued after its decision to keep the benchmark interest rate unchanged in May, the Federal Reserve reiterated that monetary policy remains accommodative to support both the rise in labor market conditions and the persistent return to inflation of 2%.

Asian stocks hit their highest level in two years as the Asia-Pacific Asia Index rose 0.7 percent to its highest level since June 2015.

Meanwhile, the dollar index, which tracks the US currency against a basket of major currencies, rose 0.3 percent decline.

Silver rose 0.1 percent at $ 17.20 an ounce, while platinum is almost not changed at $ 944.20 an ounce.

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Posted in Commodity, MCX, Stocks Market

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