Gold
maintained gains after the Federal Reserve boosted U.S. interest rates
for the first time since 2006 while signaling that the pace of
subsequent increases will be “gradual.” Silver and copper also held on
to earlier increases.
The
Federal Open Market Committee unanimously voted to set the new target
range for the federal funds rate at 0.25 percent to 0.5 percent, up from
zero to 0.25 percent.
Most
metals are headed for an annual loss as signs of a strengthening U.S.
labor market boosted speculation that the Fed would tighten monetary
policy. Higher rates cut the appeal of metals, which don’t pay interest
like competing assets. With gold trading near the cheapest since 2010
and copper close to a six-year low, some traders say prices may be near a
bottom as the focus shifts to the timing of the next rate increase.
Gold for immediate delivery climbed 0.8 percent to $1,069.30 an ounce at 2:06 p.m. in New York.
Copper futures for March delivery advanced 0.6 percent to $2.0695 a pound on the Comex in New York in electronic trading.
Gold
dropped seven of the past eight weeks and copper last month slid to the
lowest in six years as improving economic data boosted the U.S. dollar,
curbing the appeal of metals as alternative assets.
The
Philadelphia Stock Exchange Gold and Silver Index of 30 producers
climbed 2.7 percent. A gauge of 18 base-metals companies tracked by
Bloomberg Intelligence rose 1.8 percent.
Source: Bloomberg
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