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Gold Holds Above $4,500 After Fed Minutes
Gold prices were holding above $4,500 after Wednesday’s rally and the release of the Federal Reserve’s minutes.
“The minutes of the Fed’s July meeting confirmed that the rate-setting committee had become more hawkish since the June meeting but, with the inflation, labor market and activity data since then all on the soft side, there is little to suggest that interest rate hikes are imminent,” said Ariane Curtis from Capital Economics.
In early trading, New York futures rose 0.1% to $4,547.90 a troy ounce. Prices climbed in the previous session on a weaker U.S. dollar and lower U.S. government bond yields after the Treasury said it would at least double the amount of bonds it buys back.
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