Gold trades lower post-Fed

               Gold futures traded lower during Thursday’s Asian session even after the Federal Reserve made no material alterations to its monetary policy following the conclusion of its two-day meeting Wednesday. 

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery lost 0.77% to USD1,338.90 per troy ounce in Asian trading Thursday. The December contract settled higher by 0.28% at USD1,349.30 per ounce on Wednesday. 

The Federal Reserve on Wednesday left its key benchmark lending target, the fed funds rate, unchanged at 0.25% and kept its USD85 billion monthly asset-purchasing program in place. 

Although the Fed said the U.S. economy, the world’s largest, is showing signs of improvement, it did say fiscal policy is standing in the way of a more impressive recovery. 

"Economic activity has continued to expand at a moderate pace. Indicators of labor market conditions have shown some further improvement, but the unemployment rate remains elevated," the Fed said in a statement. 

"Available data suggest that household spending and business fixed investment advanced, while the recovery in the housing sector slowed somewhat in recent months. Fiscal policy is restraining economic growth." 

The central bank go no overt time table for when it might taper its easing program, though many market participants expect tapering will commence late in the first quarter of 2014. 

In U.S. economic news out Wednesday, the ADP private sector payroll survey showe U.S. non-farm private employment rose by a seasonally adjusted 130,000 in October, below expectations for an increase of 150,000. 

The previous month’s figure was revised down to a gain of 145,000 from a previously reported increase of 166,000.

A separate report showed that U.S. consumer prices rose 0.2% in September, in line with forecasts, after rising by 0.1% in August. 

Elsewhere, Comex silver for December delivery slipped 2.11% to USD22.498 per ounce while copper for December delivery fell 0.08% to USD3.313. - investing.com