Gold futures aimed for a fourth-straight advance Thursday amid the Federal Reserve’s reluctance to lift interest rates and its emphasis on a gradual path toward normalizing monetary policy at its most recent meeting.
The yellow metal, and the broader metals complex, closed higher Wednesday and extended their price move in the after-hours session when the Fed left interest rates unchanged as was widely expected.
However, the Fed did indicate that it hoped to hike rates by the end of 2016, with a contingent of policy setters at the Federal Open Market Committee tilting toward raising rates sooner than later. The Fed voted 7 to 3 to keep rates steady, marking the largest number of dissenters since 2014.
Gold has firmed over recent sessions as currencies have seen choppy trade, including a weaker dollar, despite the Bank of Japan’s aggressive steps to fight deflation announced earlier Wednesday. The yen fell then ultimately rose against its U.S. counterpart.
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