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MTECHTIPS:-Gold up in Asia as Fed holds steady citing global economic weakness

MTECHTIPS:-Gold up in Asia as Fed holds steady citing global economic weakness

Gold and copper rose slightly in early Asia on Friday as the Federal Reserve kept its benchmark interest rate steady in the face of global economic volatility. On the Comex division of the New York Mercantile Exchange, Gold for December delivery was quoted slightly higher along with Silver for the same month. Copper for December delivery also gained. Overnight, citing the negative effects of global economic weakness on U.S. inflation, the FOMC voted to leave its benchmark Federal Funds Rate at its current level between zero and 0.25% on Thursday. Nearly a decade has passed since the U.S. central bank has last raised short-term rates. “Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term,” the FOMC said in a statement. Gold futures had ticked up to one-week highs before closing slightly lower on Thursday ahead of the Fed decision. Gold, which is not attached to interest rates or dividends, struggles to compete with high-yield bearing assets in rising rate environments.

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