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Precious metals surge to multi-week highs after Fed

News Date: 28/7/2016 05:05:08
 
Gold and silver prices surged after the Federal Reserve kept overnight interest rates unchanged for the fifth meeting in a row, while failing to signal a hike in the coming September meeting, pushing the dollar lower and sending safe havens sharply higher.

Gold futures jumped to a two-week high at $1,348 an ounce, up 15 dollars on the day, or 1.08%, while silver futures rallies nearly two percent to trade at $20.38 an ounce, after touching a multi-week high earlier at $20.57.

The dollar on the other hand suffered losses following the Fed's meeting, with the greenback tumbling 0.37% to 96.39, with a two-week trough at 96.25., while sliding 0.57% against the yen to hover around 104.78.

Global shares dipped, with Japan's Nikkei down 1.13% at 16,476, while the pan-European FTSEurofirst 300 index gave up 0.20% at the open to trade at 1,349. Germany's DAX bucked the trend, inching up 0.05%.

Investors await some U.S. data later today, with unemployment claims expected to rise to 261 thousand last week from the previous week's 253K, which would be an added negative on the dollar.

U.S. natural gas storage is forecast to add 29 billion cubic feet, adding to the previous reading's 34B, which indicate weak demand on energy in the world's largest consumer of the commodity.

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