Business
Gold Back Above $4,900 With Focus on Fed Minutes
Gold prices rebounded above $4,900 as investors bought the dip following a two-day slide in thin trading conditions due to the Lunar New Year holiday across Asia.
New York futures rose 0.8% to $4,945.60 a troy ounce in early trading. “In the near term, expectations around rate cuts remain key, as lower borrowing costs would support non-yielding assets like gold,” Soojin Kim from MUFG said.
“Longer term, major banks continue to expect renewed gains, citing persistent geopolitical tensions, concerns about the Fed’s independence, and investor diversification away from sovereign bonds and currencies.”