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Gold steady, copper rises amid smaller rate hike expectations
Gold prices steadied on Wednesday, while copper extended strong gains as risk-driven assets rallied on expectations that the Federal Reserve will hike interest rates at a slower pace in the near-term, which also trimmed dollar gains.
A growing number of Fed officials said in recent weeks that the central bank is likely to raise interest rates by a relatively smaller margin – 50 basis points (bps) – in December. This spurred a growing amount of bets that U.S. inflation has peaked, and that the central bank will eventually taper its pace of interest rate hikes further.