Gold Holds Gains After FOMC Minutes
Gold held earlier gains on Wednesday, trading above $3,345 per ounce after the release of the latest FOMC minutes, supported by expectations of a September rate cut and a softer US dollar that boosted global demand.
Minutes from the Federal Reserve’s July meeting showed officials were divided, with most agreeing it was too soon to cut rates despite growing concerns over inflation and a weakening labor market. Two governors dissented, favoring a rate cut, marking the first multiple-governor opposition to a policy decision in more than three decades.
Investors also await Fed Chair Jerome Powell’s upcoming speech at Jackson Hole for signals on future monetary policy. Market expectations currently price in an 85% chance of a September rate cut, further supporting bullish sentiment in the metal.
Source : Trading Economics