Gold rises a little, investors await Fed minutes

22 Feb 2023 , 08:16 AM

As investors anticipated the minutes of the U.S. Federal Reserve’s most recent policy meeting, which may provide information about future interest rate increases, gold prices edged up on Wednesday.

Spot gold was up 0.1% at $1,836.43 per ounce. At $1,845.20, U.S. gold futures increased 0.2%.

Investors are anticipating the release of the minutes from the Fed’s most recent meeting, which is scheduled for Wednesday at 1900 GMT. At its meeting from January 31 to February 1, the American Federal Reserve hiked interest rates by 25 basis points (bps).

The U.S. central bank is anticipated by the money markets to increase benchmark rates to 5% by May and keep them above 5% throughout the year.

Bullion traded in dollars became less expensive for buyers using other currencies as the dollar index slid 0.1%.

A survey released on Tuesday revealed that unexpectedly, in February, U.S. business activity increased and reached its highest level in eight months. The study also revealed that inflation has begun to decline.

The benchmark 10-year note yield reached its highest level since November of the previous year.

Additional data released on Tuesday revealed that although January’s existing home sales in the United States fell to their lowest level in more than 12 years, the rate of decrease moderated.

The price of spot silver increased by 0.2% to $21.86 an ounce, platinum increased by 0.1% to $943.67, and palladium increased by 0.3% to $1,530.36.

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