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Gold prices slip after Fed leaves rates unchanged

The U.S. dollar jumped while gold prices slipped to session lows, as investors expectations soared for a June interest rate hike after the Federal Reserve kept its benchmark rate unchanged at 0.75-1% on Wednesday, while its statement pointed out that interest rate increases will be gradual in 2017. The Fed also reiterated its view that monetary policy would remain accommodative to support both an uptick in labour market conditions and a sustained return to 2% inflation.

Fed fund futures are now pricing in a 93% chance of a rate hike in June. At this period, the dollar will probably continue to March higher into Friday’s nonfarm payrolls report.

Euro drifted lower due to the fact that some Eurozone data fell more than expected. Meanwhile, the British pound came under selling pressure after Prime Minister May admitted that some European officials don’t want Brexit negotiations to succeed.

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