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MTECHTIPS:-Gold gains in Asia with Fed in focus on rate path prospects in 2016
Gold prices edged up in Asia with all eyes on the upcoming Federal Reserve policy review expected to hold steady, but offer fresh commentary on the likely path for the remainder of the year. On the Comex division of the New York Mercantile Exchange, gold for April delivery rose 0.31% to $1,234.80 a troy ounce. Silver futures for March delivery dropped 1.40% to $15.300 a troy ounce, while copper futures for March delivery edged up 0.13% to $2.239 a pound. Overnight, gold fell sharply on Tuesday, extending sharp losses from the previous session, as the Bank of Japan left interest rates unchanged at a closely-watched meeting ahead of the Federal Reserve’s latest interest rate decision on Wednesday afternoon. As expected, the Bank of Japan left short-term interest rates unchanged on Tuesday, weeks after startling markets by surprisingly lowering rates into negative territory for the first time in the history of the central bank. In a 7-2 vote, the BOJ held its benchmark rate steady at Minus-0.1%, while also leaving its target for its monetary base unchanged. In U.S. afternoon trading, USD/JDY traded at 112.95, down 0.77% on the session. Since opening 2016 at ¥120.33, the dollar has fallen more than 6% against the yen. Following the BOJ’s decision, the Fed is widely expected to leave its benchmark Federal Funds Rate at its current range between 0.25 to 0.50% when it issues its latest monetary policy statement on Wednesday.
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