MTECHTIPS:-Gold prices up in Asia after Fed stands pat, BoJ eyed ahead

MTECHTIPS:-Gold prices up in Asia after Fed stands pat, BoJ eyed ahead

Gold prices gained in Asia on Thursday after the Fed held steady as expected and markets looked ahead to the latest views on policy from the Bank of Japan. On the Comex division of the New York Mercantile Exchange, Gold for August delivery rose 0.54% to $1,295.20 a troy ounce. Silver futures for July delivery gained 0.33% to $17.560 a troy ounce. Copper futures for July delivery eased 0.19% to $2.086 a pound Ahead, the Bank of Japan releases its latest interest rate decision with markets looking for clarity on the scope for further easing measures. On Wednesday afternoon, the Federal Open Market (FOMC), as expected, left the target range of its benchmark Federal Funds Rate unchanged at a level between 0.25 and 0.50%. It marked the fourth consecutive meeting the FOMC held rates steady at their current level since their historic rate hike in December. The FOMC voted unanimously 10-0 to support the monetary policy action. Previously, Kansas City Fed president Esther George served as the lone dissenter at FOMC meetings in March and April. "The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market indicators will strengthen," the FOMC said in the statement. "Inflation is expected to remain low in the near term, in part because of earlier declines in energy prices, but to rise to 2 percent over the medium term as the transitory effects of past declines in energy and import prices dissipate and the labor market strengthens further."

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