Gold up as Fed stays silent on asset tapering timeline

29.07.2021 - Petr Mazaylo
Gold up as Fed stays silent on asset tapering timeline

Gold was on the rise in Asia on Thursday morning, reaching its highest level in more than a week. Meanwhile, the US Federal Reserve remained mum on the timeline for its tapering plans in its latest policy decision. The central bank further added that it was “ways away” from looking at interest rate hikes.

Gold futures jumped 0.81% to $1,814.20 by 12:16 AM ET (4:16 AM GMT) following the July 20 high of $1,817.35. The dollar, which typically moves inversely to gold, inched down on Thursday after experiencing a two-week low in the last session.

On the Fed’s policy decision, asset tapering has made it into the agenda of the two-day Federal Open Market Committee meeting that took place before it. However, Fed Chairman Jerome Powell cautioned that there still remains “some ground to cover” for the US job market before the Fed could begin to taper its assets.

In news about other precious metals, silver edged up 0.9%, while palladium and platinum gained 0.6% and 0.8%, respectively.

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