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MTECHTIPS:-Gold prices down slightly in Asia with Fed rate path the focus
Gold prices drifted lower in Asia on Friday with the views on the trajectory of U.S. interest rates still a question mark for the market. On the Comex division of the New York Mercantile Exchange, gold for February delivery fell 0.08% to $1,14.70 a troy ounce. Silver for March delivery rose 0.09% to $14.255 a troy ounce, while copper for March delivery dropped 0.13% to 2.050 a pound. Gold futures inched down on Thursday amid a wave of soft U.S. economic data, as investors digested a mixed monetary policy statement from the Federal Reserve after the completion of its two-day January meeting a session earlier. On Thursday, metal traders around the world continued to react to a decision by the Federal Open Market Committee (FOMC) to leave short-term interest rates unchanged. Citing weakness in the global economy and sluggish inflation, the FOMC voted unanimously on Wednesday afternoon to hold its benchmark Federal Funds Rate at its current range between 0.25 and 0.50%. The decision came just over a month after the Fed began its first tightening cycle in nearly a decade with its first rate hike in seven years. A wide sampling of analysts are largely split on the direction the Fed will head in with its next move, after reviewing a January statement rife with ambiguity. Analysts appeared divided on whether the statement indicates that the Fed could be leaning toward a subsequent rate hike in March or if the U.S. central bank could delay further tightening
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