Gold prices gained in Asia on Thursday, shrugging off remarks by a key Fed policymaker that rates could soon rise going by current economic signals. Gold for April delivery on the Comex division of the New York Mercantile Exchange rose 0.34% to $1.237.25 a troy ounce, while silver traded up 0.30% to $18.017 a troy ounce. Copper futures gained 0.40% to $2.752 a pound. The Federal Reserve aims to raise U.S. interest rates soon, New York Fed President William Dudley said Wednesday, if, as expected, fiscal policies provide stimulus. "We expect to gradually remove further monetary policy accommodation and snug up interest rates a little bit further in the months ahead," Dudley said. Overnight, gold Futures benefited from a retreat in the dollar, despite strong U.S. economic data which confirmed that the growth story in the U.S. economy remains on track. Gold’s comeback from its three-month low of $1123.50 set on Dec 1, appears to be at risk as expectations of a March rate hike accelerate. On Tuesday, Federal Reserve Chair Janet Yellen in a testimony to congress said that it would be unwise to keep interest rates lower for longer. Philadelphia Fed President Patrick Harker and Boston Fed President Eric Rosenberg further fueled expectations of a rate hike sooner rather later, as they both said they see at least three-rate hikes this year. In a rising dollar and higher interest rate environment, gold typically loses its shine among investors as its denominated in dollars and doesn’t yield a rate of return. Gold shrugged of expectations of an rate hike and bounced off session lows of $1217.50, as the dollar rally fizzled out, which prompted a revival in commodities across the board. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , Bullion Market Tips , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Bullion Energy Tips , Commodity market tips , Give Miss call ☎ @ Toll Free Number 📲 18003157801
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