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Press Review: Ruble Fails to Sustain Gains After Surprise Russia Rate Increase
Gold edges up after worst day in a year, Fed eyed
SINGAPORE, Dec 16 (Reuters) - Gold edged higher on Tuesday, aided by a softer dollar, after falling more than 2 percent in the prior session in its deepest slide in over a year following a sustained slump in oil prices.
Apart from oil, investors are eyeing the Federal Reserve's two-day policy meeting which kicks off on Tuesday for clues on the timing of an increase in U.S. interest rates.
The U.S. economy has strengthened and jobs have been created at a faster-than-expected clip since the Fed's last meeting in October, when it reiterated that benchmark rates were unlikely to rise for a "considerable time".
Ruble Fails to Sustain Gains After Surprise Russia Rate Increase
The ruble failed to sustain its biggest advance in 16 years in a sign slumping oil is outweighing Russia's attempt to defuse a currency crisis with the largest interest-rate increase since 1998.
Why 1998 Was Different, and Same, to Emerging-Market Crisis Now
Oil prices were tanking. Emerging-market currencies were in a freefall. Venezuela was mired in a financial crisis and Russia had sunk into a debt default and devaluation.
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