Gold dips in Asia on Fed move up, pace of more hikes in focus
Gold prices eased in Asia on Thursday with the pace of future Federal Reserve rate hikes now the focus after chief Janet Yellen suggested a "gradual path forward.
On the Comex division of the New York Mercantile Exchange, gold for February delivery fell 0.48% to $1,067.90 a troy ounce. Silver futures for March delivery eased 0.39% to $14.110 a troy ounce, while copper futures fell 0.06% to $2.070 a pound. Overnight, the Federal Reserve, as expected, voted to raise the target range of its benchmark Federal Funds Rate on Wednesday, ending a zero interest rate policy implemented by the U.S. central bank shortly after the Financial Crisis aimed at rescuing the world's largest economy from arguably its biggest catastrophe in more than 70 years.
Crude rises after U.S. fed rate hike, gains limited
Crude futures rose in Asian trade on Thursday recouping some of the losses from the previous session, when they fell sharply after the Federal Reserve raised rates and official figures showed a surprise build in U.S. inventories.
West Texas Intermediate for January delivery , the front-month contract, rose 17 cents to $35.69 a barrel by 0100 GMT after finishing settled down nearly 5 percent on Wednesday. Brent crude for February delivery (LCOc1), the front-month contract from Thursday was up 17 cents at $37.56. The global benchmark fell $1.34 to $37.39 the previous session.
U.S. crude stocks increased last week as imports into the Gulf Coast rose, data from the Energy Information Administration (EIA) showed on Wednesday, surprising analysts who expected inventories to decline.The EIA data showed crude inventories rose 4.8 million barrels last week to near record highs, while analysts in a Reuters poll had forecast a drop of 1.4 million barrels.
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