Gold held a drop, tracking movements in the dollar and bond yields, with investors weighing the latest insights into the Federal Reserve’s stance on monetary policy and inflation risks.
The S&P 500 closed at record high Wednesday on tech strength but gains were kept in check by an uptick in U.S. bond yields after the Federal Reserve’s March meeting minutes continued to signal that easy monetary policy is here to stay.
Asian share markets lagged on Thursday as U.S. stock futures nudged to another record high after the Federal Reserve underlined its commitment to keeping policy super loose even as the economy enjoys a rapid recovery.
The dollar softened to a two-week low against a basket of currencies on Wednesday after U.S. bond yields declined as traders rolled back aggressive expectations that the Federal Reserve will tighten its policy earlier than pledged.
Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world’s biggest fuel consumer, fell.
Gold was down on Wednesday morning in Asia, retreating from the two-week high that it hit during the previous session as positive data bolstered hopes for a quick economic recovery from COVID-19.