Please try another search
© Reuters.
By Gina Lee
Investing.com – Gold was up on Thursday morning in Asia to its highest level in over a week. The U.S. Federal Reserve did not provide a timeline for its tapering plans in its latest policy decision, adding that it was “ways away” from considering interest rate hikes.
Gold Futures rose 0.81% to $1,814.20 by 12:16 AM ET (4:16 AM GMT), after hitting their highest level since Jul. 20 at $1,817.35 earlier. The dollar, which usually moves inversely to gold, edged down on Thursday after hitting a two-week low during the previous session.
The Fed handed down its decision on Wednesday, with asset tapering making it onto the agenda of the two-day Federal Open Market Committee meeting that preceded it.
However, Fed Chairman Jerome Powell warned that the U.S. job market still had “some ground to cover” before the Fed begins to taper its assets, although he did not give a specific timeline. He also downplayed the risk posed by the continuous spread of COVID-19, and its Delta variant globally to the U.S. economic recovery.
In Asia Pacific, the Reserve Bank of Australia (RBA) is expected to delay its planned asset tapering as it hands down its policy decision in the following week. RBA had planned to begin asset tapering in September, with a review to follow a few months later. The central bank’s postponement comes four weeks after the plans were announced in the last RBA policy decision, with extended lockdowns in Sydney expected to take a toll on the economic recovery.
On the COVID-19 front, the Centers for Disease Control and Prevention said on Wednesday that 66.6% of U.S. counties had transmission rates of COVID-19 that are high enough to warrant the resumption of indoor masking policies.
In other precious metals, silver climbed 0.9%, palladium gained 0.6% and platinum rose 0.8%.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.