Minutes from the Federal Reserve’s July meeting released Wednesday showed central bank officials were divided on the need for more rate hikes.
He gold touches a five-month low on Thursday, after data pointed to a recovery of the US economy and increased prospects that the Federal Reserve raise interest rates again this year.
Spot gold was up 0.2% at $1,893.30 as some traders made opportunity buying, but held near its lowest level as of March 15, $1,888.30. US gold futures were down 0.2% at $1,924.40.
The minutes of the July meeting of the Federal Reserve Releases on Wednesday showed that central bank officials were divided on the need for more rate hikes, with “the majority” still prioritizing rate hikes. fight against inflation Over the risks to the economy.
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The dollar in maximum of two months
He dollar is approaching two month highs and the profitability of 10-year treasury bonds It hit its highest level since October as recessionary risks eased after strong retail sales and home construction data released this week.
A dollar Stronger gold makes gold more expensive for buyers of other currencies, and rising yields also weigh on bullion, which doesn’t earn interest. Investors are betting on a 37% chance of another hike in 2023, and a 58% chance that the Fed will leave rates unchanged for the rest of 2023, the CME’s FedWatch tool showed.
Among other precious metals, silver was up 1% at $22.61 an ounce, its biggest daily gain since July, while platinum was up 0.8% at $889.27 after hitting its lowest since October. Palladium added 0.4% to $1,213.39.
Source: Ambito
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