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MTECHTIPS:-Gold falls in Asia as Fed minutes signal steady rates for now

MTECHTIPS:-Gold falls in Asia as Fed minutes signal steady rates for now

Gold prices fell in Asia on Friday as investors booked profits on earlier gains after a cautious tone in September minutes of the Federal Reserve’s policy review suggested a hold on rates for now. In particular, concern about China was key in the Federal Reserve’s decision to keep interest rates near zero, minutes from the last meeting released Thursday show. “Many [officials] acknowledged that recent global economic and financial developments may have increased the downside risks to economic activity somewhat,” the minutes from the Federal Open Market Committee said. The relatively dovish minutes from the September meeting may bolster arguments that the FOMC could wait as long as March of next year before lift-off. Previously, it was widely believed the FOMC could raise rates either this month or when it meets in December. A rate hike is viewed as bullish for the dollar, as foreign investors pile into the greenback looking to capitalize on higher yields. On the Comex division of the New York Mercantile Exchange, gold for December delivery fell 0.43% to $1,139.40 a troy ounce. Silver for December delivery fell 0.64% to $15.6665 a troy ounce. Copper for December delivery however gained 0.07% to $2.351 a pound. Overnight, gold futures fell slightly even as the dollar dipped to a three-week low, ahead of the release of the Federal Open Market Committee’s minutes from its September meeting on Thursday afternoon.

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