Gold Up, but Moves Small as Investors Await Fed Meeting Minutes By

© Reuters

By Gina Lee – Gold was up on Wednesday morning in Asia ahead of the minutes from the latest U.S. Federal Reserve meeting. Investors also weighed the possibility of an earlier-than-expected interest rate hike against surging numbers of COVID-19 cases globally.

inched up 0.03% to $1,815.15 by 11:11 PM ET (4:11 AM GMT). The , which normally moves inversely to gold, inched down on Wednesday.

The Fed will release the minutes from its December meeting later in the day. With Minneapolis Fed President Neel Kashkari saying he supports two hikes in 2022 to curb high inflation, now await comments from St. Louis Fed President James Bullard and San Francisco Fed President Mary Daly speaking at separate events on Thursday and Friday respectively for more clues

Benchmark 10-year U.S. Treasury yields climbed to their highest in more than a month on Tuesday over the Fed rate hike expectations. Futures on the federal funds rate on Tuesday priced in a roughly 66% chance of a quarter percentage-point tightening by March 2022, and investors fully pricing that scenario by May.

On the COVID-19 front, the omicron variant continues to fuel a surge in cases, with the U.S. reporting a global record of almost 1 million new cases on Monday according to Reuters.

Meanwhile, data released on Tuesday in the U.S. showed that the was a lower-than-expected 58.7 in December, while the survey showed 10.562 million vacancies in November.

In Asia Pacific, China releases its on Thursday.

In other precious metals, silver inched down 0.1%, while palladium inched up 0.1% and platinum remained unchanged at $971.21.

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 link