Gold up as Fed stays silent on asset tapering timeline

29.07.2021 - Evdokimov Roman
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.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?