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MTECHTIPS:-Gold, silver gain in Asia as Fed Sept hike less likely after minutes

MTECHTIPS:-Gold, silver gain in Asia as Fed Sept hike less likely after minutes

Gold and silver gained smartly in Asia on Thursday after prospects for a rate hike in September by the Federal Reserve appeared dim after the release of July meeting minutes late on Wednesday. Gold for December delivery traded up 0.56% to $1,134.20 a troy ounce, while silver for Silver for September delivery soared 1.03% to $15.335 a troy ounce. Copper for September delivery fell 0.05% to $2.273 a pound. The latest Federal Reserve meeting highlighted concern over the state of the global economy, driving markets to question the likelihood that the Fed will raise rates next month. The minutes showed policymakers continued to express broad concerns about lagging inflation and the weak world economy even as the U.S. job market improved further. Market expectations for a Fed hike in September fell from one in two to roughly one in three after the minutes were published. “It looks like based on commodity prices, China, wages not really picking up, that [Fed officials] are not getting any closer to meeting their inflation target and seems like they’re probably not going to be willing to go in September” with a rate hike, said Don Ellenberger, head of multi-sector strategies at Federated Investors in Pittsburgh.
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