By Zhang Mengying
Investing.com – Gold was up on Friday morning in Asia as expectations of aggressive interest rate hikes from the U.S. Federal Reserve receded.
Gold futures were up 0.40% to $1,757.30 by 11:37 PM ET (3:37 AM GMT). The dollar which normally moves inversely to gold, edged down on Thursday morning. The dollar has spent most of July hovering around 20-year highs.
U.S. Gross Domestic Product (GDP) released on Thursday fell at a 0.9% annual rate in the second quarter, which lifted bullion’s safe-haven allure.
The U.S. Federal Reserve on Wednesday raised interest rates by 75 basis points to 2.25-2.5% as markets expected. Fed Chair Jerome Powell sounded less hawkish in his press conference, saying the final rate hike decision at the September meeting will be determined by the incoming economic data.
Elsewhere, US President Joe Biden and Chinese President Xi Jinping plan to have an in-person meeting, which would be the first face-to-face one between the men since Biden became president.
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.