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MTECHTIPS:-Gold prices gain slightly in Asia with focus on Fed views
Gold prices nudged up slightly in Asia on Wednesday with the continued focus on likely Federal Reserve steps on interest rates this year. On the Comex division of the New York Mercantile Exchange, gold for April delivery rose 0.04% to $1.127.40 a troy ounce. Silver for March delivery fell 0.06% to $14.270 a troy ounce, while copper for March delivery fell 0.24% to $2.044 a pound. Overnight, gold reached fresh three-month highs before falling back slightly at the close of trading on Tuesday, as investors continued to digest dovish comments from an influential Federal Reserve policymaker on the increased possibility of a delayed interest rate hike from the U.S. central bank. At session highs, gold surged to its highest level since November 3. Over the last month of trading, the precious metal has increased by more than 6% in volume amid widespread concerns of a looming global recession. On Tuesday, investors continued to react to a closely watched speech by Fed vice chair Stanley Fischer on the possibility that the Federal Open Market Committee could delay its next interest rate hike beyond the first quarter. At an address before the Council of Foreign Relations in New York, Fischer noted that further declines in oil prices and a persistently strong dollar could suggest that inflation will remain lower than the Fed previously anticipated. Fischer eventually expects inflationary pressures to rise once temporary factors from the oil downturn and the appreciation of the dollar dissipate.
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