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Gold slips as Fed offers no pointers on further stimulus

1 min read
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Gold slipped as much as 1% on Thursday after the U.S. Federal Reserve disappointed expectations for further stimulus to spur inflation and support the economy, battered by the coronavirus crisis.

Spot gold dropped 0.9% to $1,940.96 per ounce. U.S. gold futures slipped 1.2% to $1,947.40.

“The gold market was somewhat disappointed by the lack of outlook or guidance (about) what the Fed would do in order to spur inflation,” Carsten Menke, analyst at Julius Baer, said.

He said as gold has moved from below $1,200 to more than $1,900, quite a few risks have been priced into gold and to see even more upside, there should be an even greater pool of risks which could affect financial markets.

Also reducing gold’s appeal for investors holding other currencies, the dollar index rebounded to a more than one-week high after the Fed pointed to a faster economic recovery, with unemployment falling more quickly than forecast in June.

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