Gold prices dip in Asia as Bank of Japan and People's Bank of China Eyed
Gold prices eased slightly in Asia as investors debated the prospect of China sharly trimming purchases of US Treasurys and whether the Bank of Japan is set to inch forward on a way out of its aggressive monetary policy. Overnight, gold prices were hovering near four-month highs on Wednesday, as sentiment on the U.S. dollar weakened ahead of retail sales and inflation reports due at the end of the week. The U.S. dollar received no support after official data on Wednesday showed that U.S. import prices rose less than expected in December, while export prices unexpectedly fell. Market participants were now focusing on the release of U.S. inflation data due on Friday, for clues on the potential pace of rate hikes by the Federal Reserve. The greenback had initially strengthened after San Francisco Fed President John Williams said on Saturday that the Fed should raise interest rates three times this year given that economy will benefit from tax cuts.
Source: Investing
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