22.3 C
New York
Monday, May 23, 2022

Gold Prices Slip; Dollar Firms as FOMC Meeting Minutes Point to More Rate Hikes

Gold Prices Slip; Dollar Firms as FOMC Meeting Minutes Point to More Rate Hikes© Reuters. Gold prices slipped while the dollar gained on Thursday

Investing.com – Gold prices slipped while the dollar gained on Thursday after the minutes from the latest Federal Open Market Committee meeting reinforced expectations of a tighter U.S monetary policy.

for December delivery on the Comex division of the New York Mercantile Exchange slipped 0.08% at $1,226.4 a troy ounce by 1:19 AM ET (05:19 GMT).

“Gold is closely tracking both the U.S. dollar and equities, more so the dollar,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

The that tracks the greenback against a basket of other currencies inched up 0.06% to 95.41 on Thursday and hit a fresh one-week high.

“The USD has been making up some lost ground in the past 24 hours or so. It seems to have been more market related rather than US data (only housing starts were released overnight and they were likely hurricane affected), while the FOMC Minutes this morning also have not shifted the dial too much,” David de Garis, a director and senior economist at National Australia Bank, said in a morning note.

Recent geopolitical events and macroeconomic factors including the U.S.-China trade war concerns and tension over the disappearance of a prominent Saudi Journalist were cited as tailwind for the precious metal earlier this month.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

11,301FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles