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Gold prices hold steady in Asia as Fed rate hike timing remains focus

Published 03/25/2015, 09:27 PM
Updated 03/25/2015, 09:28 PM
Gold flat in Asia

Investing.com - Gold prices tread water in early Asia on Thursday with support coming from expectations the Federal Reserve will act later rather than sooner on a widely expected hike in rates this year.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery held nearly flat at $1,197.10 a troy ounce.

Elsewhere, silver futures for May delivery eased 0.16% to $16.973 a troy ounce.

Copper futures for May delivery fell 0.14% to 2.785 a pound. Earlier this week, copper reached a three-month high at $2.945.

Overnight, gold future prices spiked on Wednesday reaching a three-week high, as weak data on U.S. durable goods strengthened the case for delaying a potential interest rate hike.

Gold had been in free fall until March 17, as speculation mounted that the Federal Reserve could raise interest rates as early as June.

Last week, gold futures plunged to a four-month low of $1,148.20 ahead of the Fed's decision to remove its stance of remaining patient on the timing of a potential rate hike.

Still, relatively dovish comments from Fed chair Janet Yellen on slower long-term increases for inflation, interest rates and GDP growth have fueled speculation that the Fed could raise its benchmark Federal Funds Rate later than previously had been expected.

On Wednesday, the U.S. Department of Commerce said in a monthly report that durable or long-lasting goods orders dipped by a seasonally adjusted 1.4% for the month of February. Orders for January were also revised downward to a 0.1% decline for the month. As a result, investment spending by U.S. businesses has dropped for six straight months.

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