Gold Prices Slips on Firmer Dollar, Ahead of FOMC Minutes

Gold Prices Slips on Firmer Dollar, Ahead of FOMC Minutes

Gold futures prices fell on Wednesday, reversing losses overnight as the dollar entrenched, investors focused on the latest minutes of the Fed for more hints on the timing and pace of higher interest rates in the future.

US gold futures tacked on $2.00, or about 0.2%, to $1,240.95 a troy ounce, after ending Tuesday’s session little changed.

Spot gold had dropped 0.2 per cent to $1,233.41 per ounce.

The Fed will release its policy meeting last Wednesday, the minutes at 14:00 am Eastern time (19: 00GMT). The US central bank held interest rates unchanged after its meeting on February 1, painted fairly upbeat picture of the economy, even though it did not give a strong signal on when the next rate-driven.

In addition to the Fed minutes, there are two speakers the Fed on Wednesday. Central Bank Governor Jerome Powell, speaking at 13:00 ET (18: 00GMT) in New York Forecasters Club of New York on expectations of economic policies. President of the Dallas Fed, Robert Kaplan and discuss the issues facing the global economy in the case of the Dallas Fed at 07:05 ET.

The US dollar, which is backed by hardline comments from various Fed officials in the previous session, was firm on Wednesday.

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