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Gold prices go down in Asia

On Thursday, gold dropped in Asia, as hopes for a Fed rate lift by the end of 2016 remained intact following the latest policy review.

In New York, December delivery gold futures dipped 0.68%, trading at $1,299.25 per troy ounce. Aside from that, December delivery silver futures sagged 0.78%$, trading at $18.547 per troy ounce, while copper futures ascended 0.14%, being worth $2.223 a pound.

The Federal Reserve told that the case for a rate lift by the end of the year is still in place as it held rates steady as expected on Wednesday, thus adding a couple of tweaks to its statement that still short of sending a powerful signal.

The policymaking Federal Open Market Committee voted 8 to 2 just to keep targeting the 0.25% to 0.50% array for the fed funds rate, exactly where it has been since lift-off last December.

Overnight, gold added to overnight revenues during North America's trading session, surging above the key $1,300-level for the first time since October as the possibility of a victory for Donald Trump in next week’s American presidential election spurred demand for safe-haven assets.

 

 

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