Gold futures settled at a two-week high on Thursday, adding to gains that accelerated after the Federal Reserve signaled it would be less “patient” in hiking interest rates but indicated that rate increases would come at a gradual pace.
Gold for April delivery GCJ5, +0.08% on Comex rose $17.70, or 1.5%, to settle at $1,169 an ounce. Prices haven’t settled at a level this high since March 5.
May silver SIK5, -0.02% rallied 57.3 cents, or 3.7%, to end at $16.114 an ounce, which was also a two-week high.
Tokyo (Nikkei Average NIK, -0.06% ) up 0.1%
Hong Kong (Hang Seng Index HSI, -0.28% ) down 0.3%
Shanghai (Shanghai Composite Index SHCOMP, -0.23% ) down 0.2% (at break)
Sydney (S&P/ASX 200 XJO, +0.36% ) up 0.3%
Seoul (Kospi SEU, -0.31% ) down 0.4%
Mumbai (Sensex 1, -0.24% ) flat
Taipei (Taiex Y9999, -0.06% ) down 0.1%
Asian markets mostly retreated on Friday as investors took their cash off the table after the previous day's rally that was fuelled by the Federal Reserve's dovish interest rate outlook.
The dollar was slightly lower against the euro and yen, but analysts said they expect the currency to resume its advance as the Fed prepares for a rate hike while the Japanese and European central banks print more cash.
Providing support to the euro on Friday was news that Greece has agreed to give creditors a new list of reforms within days in order to secure bailout funds.
Tokyo dipped 0.17 per cent, Hong Kong lost 0.21 per cent and Seoul gave back 0.21 per cent, while Sydney was flat but Shanghai gained 0.17 per cent.
