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MTECHTIPS:-Gold prices tread water in early Asia ahead of Fed minutes

MTECHTIPS:-Gold prices tread water in early Asia ahead of Fed minutes

Gold held steady to weaker in Asia on Wednesday as investors awaited the July minutes from the Federal Reserve for what nay prove to be the clearest signal on the timing of a widely expected rate hike this year. On the Comex division of the New York Mercantile Exchange, gold for December delivery fell 0.02% to $1,116.70 a troy ounce. Silver for September delivery rose 0.30 to $14.835 a troy ounce. Copper for September delivery eased 0.05% to 2.283 a pound. Overnight, gold futures inched down amid a stronger dollar, as investors await the release of the minutes from the Federal Open Market Committee’s July meeting on Wednesday for further indications on the timing of the U.S. central bank’s first interest rate hike in nearly a decade. Traders appeared hesitant to make any drastic moves on Tuesday ahead of the Federal Reserve’s release of the minutes from its July meeting on Wednesday afternoon. While Fed chair Janet Yellen has indicated that the FOMC could lift interest rates at some point in 2015 if the economy and labor markets continue to show improvement, the Fed has been tight-lipped as to whether lift-off will occur in September. Hours before the Fed minutes are made public on Wednesday afternoon, the U.S. Labor Department’s Bureau of Labor Statistics will issue its Consumer Price Index (CPI) report for July. Last week, Fed vice chairman Stanley Fischer expressed concern with the lack of inflation in the U.S. economy due to slower than expected growth. The Fed would like to see long-term inflation move toward its targeted goal of 2% before it starts to raise interest rates.
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