By Gina Lee
Investing.com – Gold was up on Thursday morning in Asia, but kept below the $1,800 mark after the minutes from the U.S. Federal Reserve’s latest meeting suggesting that the central bank could accelerate asset tapering.
Gold futures were up 0.47% to $1,792.75 by 9:42 PM ET (2:42 AM GMT), after falling to its lowest level since Nov. 4 on Wednesday. The dollar , which normally moves inversely to gold, inched down on Thursday.
The minutes from the Fed’s meeting, released on Wednesday, showed that an increasing number of Fed policymakers would be open to speeding up asset tapering should high inflation continue. Policymakers also signaled a willingness to hike interest rates quicker than planned, if needed.
The U.S. also released data on Wednesday, ahead of a U.S. holiday on Thursday. The data showed that GDP grew 2.1% quarter-on-quarter in the third quarter and that 199,000 initial jobless claims were filed throughout the week.
Meanwhile, the European Central Bank (ECB) must keep borrowing costs in check as the coronavirus pandemic drags on and there is no sign that inflation is getting out of control, ECB board member Fabio Panetta said on Wednesday.
Bank of England Governor Andrew Bailey will also speak at a Cambridge Union event later in the day.
In Asia Pacific, the Bank of Korea hiked its interest rate to 1% as it handed down its policy decision earlier in the day.
In other precious metals, silver gained 0.5%, platinum jumped 1.2% and palladium rose 0.7%.
Add Chart to Comment
We encourage you to use comments to engage with 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
- 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.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.