By Gina Lee
Investing.com – Gold was down on Thursday morning in Asia after hitting a four-and-a-half month high hit in the previous session as investors await key economic data in the U.S. to be released later in the day.
inched down 0.04% to $1,900.50 by 1:35 AM ET (5:35 AM GMT). The , which usually moves inversely to gold, inched up on Thursday. The 10-year benchmark U.S. Treasury yield rose to 1.58%.
Investors continue to monitor how the U.S. Federal Reserve is going to change its policy in light of possible runaway inflation, even if Fed officials have reiterated any inflation is transitory and the central bank will keep its current dovish monetary policy for a while.
Fed vice chair for supervision , however, said on Wednesday that he was ready for the Fed to begin tapering discussions.
Though “we need to remain patient” in any policy shift, “if my expectations about economic growth, employment and inflation over the coming months are borne out … and especially if they come in strong … it will become important for the (Federal Open Market Committee) to begin discussing our plans to adjust the pace of asset purchases at upcoming meetings,” Quarles added, in an echo of comments made by Fed Vice Chairman Richard Clarida earlier in the week.
Elsewhere on the central bank front, the handed down its policy decision earlier in the day and kept its interest rate unchanged at 0.50%.
On the data front, investors now await U.S. data, including for the first quarter of 2021, for the previous week, as well as and for April, due later in the day. The
In other precious metals, palladium edged down 0.2%, silver fell 0.4% to $27.59, and platinum dipped 0.7%.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.