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FX.co ★ Gold Steadies Ahead Of Fed Minutes

Gold Steadies Ahead Of Fed Minutes

Gold prices were flat to slightly higher on Wednesday as bond yields dipped in the run-up to minutes from the Federal Reserve's November policy meeting and key U.S. economic data due later in the day.

Spot gold was marginally higher at $1,790.10 per ounce, while U.S. gold futures were up 0.4 percent at $1,791.20.

Investors await U.S. reports on weekly jobless claims, durable goods orders, new home sales and personal income and spending as well as the minutes of the latest Fed meeting for more insight on price pressures and the economic recovery.

The yield on the 10-year Treasury slipped slightly, while the dollar index stayed in a consolidation phase boosted by inflation concerns and hopes that the Federal Reserve will raise interest rates sooner than expected.

A stronger dollar raises makes the greenback-priced metal expensive for holders of other currencies.

Similarly, higher interest rates increase the opportunity cost of holding non-yielding bullion.

U.S. markets will be closed on Thursday for the Thanksgiving Day holiday and open for just a half-day on Friday.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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