Bengaluru — Gold prices were steady on Thursday, supported by uncertainty surrounding US President Donald Trump’s economic policy after Wednesday’s Federal Reserve minutes failed to give the market much direction, despite its support for interest rate increases. "Gold continues to tread water post the Federal open market committee minutes, probably the highlight of a very light data week," said Jeffrey Halley, senior market analyst at Oanda. Many Fed policy makers said it may be appropriate to raise interest rates again "fairly soon" should jobs and inflation data come in line with expectations, according to the minutes of the Fed’s last policy meeting. The minutes of the January 31-February 1 discussion also showed the depth of uncertainty at the Fed over the lack of clarity on the new Trump administration’s economic programme. Gold is highly sensitive to rising US interest rates, as it increases the opportunity cost of holding nonyielding bullion, while also boosting the dollar. T...
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