Gold steady as investors wait for Fed minutes for clues on rate increase
Bengaluru — Gold held firm on Wednesday after falling as much as 1% the session before, with investors waiting for minutes from the Federal Reserve’s latest meeting for clues on the timing of interest rate hikes. Spot gold was steady at $1,236/oz at 3.36am GMT, while US gold futures eased 0.2% to $1,237. "Although US inflation has risen, the expectation of a rate hike in March is not very high," said Jiang Shu, chief analyst at Shandong Gold Group. "Since gold has only risen since the beginning of this year, the market has some hesitation in moving up further ... but still [prices] have some way to go up." Traders are looking ahead to the minutes from the Fed’s January 30 to February 1 meeting, due at 7pm GMT on Wednesday. Spot gold looked neutral in a range of $1,233/oz-$1,240/oz, and an escape could suggest direction, said Reuters technical analyst Wang Tao. "Gold held up rather impressively on Tuesday despite a rising dollar (particularly against the euro) and soaring US equity m...
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