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MTECHTIPS;-Gold prices down in Asia as slate of central bank reviews awaited
Gold prices fell in Asia on Tuesday as upcoming central bank reviews this week dominate market outlooks. Gold for April delivery fell 0.63% to $1,237.20 a troy ounce. Silver futures for March delivery dropped 1.33% to $15.400 a troy ounce, while copper futures for March gained 0.13% to $2.243 a pound. Overnight, gold fell sharply on Monday extending losses from late last week, as investors braced for further declines ahead of a trio of key central bank meetings later this week. Ahead, the Bank of Japan is widely expected to leave interest rates unchanged several weeks after the Japanese central bank roiled global markets by unexpectedly adopting a negative interest rate policy for the first time in history. At the January meeting, the BOJ lowered lowered the rate it charges to commercial banks that park excess reserves at the central bank to negative 0.1% in a move aimed at helping its economy stave off threats of deflation. The BOJ is ostensibly hoping to keep the yield curve as low as possible in order to assist the government with financing issues by making public sector debt more affordable. A day later, the Federal Reserve will issue its latest monetary policy statement following the completion of its two-day Federal Open Market Committee (FOMC) for the month of March. While the Fed is also expected to leave short-term interest rates steady, the U.S. central bank could provide further clues on its pace of future rate hikes in its first tightening cycle in a decade. The FOMC held its benchmark Federal Funds Rate at a target range between 0.25 and 0.50% in January, one month after abandoning a seven-year zero interest rate policy.
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