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MTECHTIPS;-Gold eyes $1,300 as rate-hike expectations cool

MTECHTIPS;-Gold eyes $1,300 as rate-hike expectations cool

MTECHTIPS-Gold prices traded near session highs on Thursday after the minutes of the Federal Reserve’s July meeting showed members were concerned about raising interest rates amid a slowdown in inflation, narrowing investor expectations for a third rate hike later this year. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $7.66, or 0.59%, to $1,290.51 a troy ounce. The minutes of the Fed’s July 25-26 policy meeting on Wednesday, showed some policymakers believed the Fed could afford to stand pat on further rate increases until it is clear the trend of soft inflation is transitory. The somewhat dovish minutes, dampened investor expectations of third rate hike later this year, underpinning a move higher in gold futures. Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. Gold futures, however, struggled to breach $1,300 as initial jobless claims and manufacturing data topped forecasts, lifting sentiment on the strength of the U.S. economy

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