Gold prices tumble in Asia

August 19, 2016

On Friday, gold prices sank during Asia trade with a cautious eye on the Fed as debate grows on the necessity for a rate lift by the end of the year.

In New York, December delivery gold futures decreased 0.28% to $1,353.45 per troy ounce. September delivery silver futures dropped 0.34%, trading at $19.672 per troy ounce. Additionally, September delivery copper futures surged 0.14%, being worth $2,171 a pound.

Overnight, gold rose as the evergreen buck dropped to a seven-week minimum against its main counterparts, while traders digested minutes from the Fed and the ECB for further clues on the scope as well as duration of a host of low interest rate policies from key banks around the globe.

Metal traders kept reacting to opaque minutes from the Federal Open Market Committee's July gathering, that provided few signals on whether the Fed could lift short-term interest rates before the end of 2016.

While some traders felt that economic conditions would warrant taking another step in removing policy accommodation soon, others judged that it would be good to wait for further incoming data on the American price stability as long-term inflation keeps hovering below the Fed's targeted objective of 2%. 

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