By Gina Lee

Investing.com – Gold was up on Thursday morning in Asia, bouncing back from a three-week low. Investors digested the from a “patient” U.S. Federal Reserve that will begin asset tapering beginning this month.

The climbed 0.8% to $1775.95 at 11:44PM ET (11:44 GMT). Normally, the inversely related to gold moved up, but Thursday’s move saw it edge up.

On Wednesday, the Fed’s decision was made. Fed Chairman Jerome Powell indicated that there will be no interest rate increases anytime soon. However, he added that “we think we can be patient. If a response is called for, we will not hesitate.”

Although the Fed maintained its view that inflation is temporary, the smooth start to the central bank’s asset tapering program gave global shares a boost.

The policy decision is expected to be made later today. Investors are now waiting. BOE could either increase interest rates at an all time low or wait for the post lockdown economy to make this move.

Also, on investors’ radars in the latest U.S. jobs report, including non-farm payrolls, due on Friday.

In Asia Pacific, data released earlier in the day showed that Japan’s services purchasing managers index was 50.7 in October. The first rise in activity within the services sector in 21 months was accompanied by a decrease in COVID-19-related cases, which boosted consumer sentiment and increased demand.

Other precious metals: Silver rose 0.1%, Platinum gained 0.7%, and Palladium rose 0.6% to $2,000.12.15