Gold up as dollar weakens, investors anticipate fed meeting minutes
Gold remains up on Wednesday morning in Asia following its three-week high during the previous session. A subdued dollar also contributed to the metal’s rise as investors continued to wait for the release of minutes from the US Federal Reserve’s latest policy meeting.
Gold futures rose 0.25% to $1,798.60 by 12:41 AM ET (4:41 AM GMT) after peaking since June 17 during the previous session.
The dollar, usually moving inversely to gold, dipped on Wednesday but stayed near the three-month high hit during the previous week. Benchmark 10-year US Treasury yields also plummeted to their lowest level in over four months.
The latest minutes from the Fed’s June meeting are projected to provide insights regarding the central bank’s monetary policy moving forward. The minutes could also explain the circumstances that led to the Fed’s unexpected hawkish turn in the policy decision handed down after the meeting.
In other related news, silver inched down 0.2%, while palladium and platinum dropped 0.5% and 0.6%, respectively.