Gold inches higher as dollar extends fall; focus on Fed minutes

Gold inches higher as dollar extends fall; focus on Fed minutes

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Gold prices edged higher on Wednesday, holding above the key $2,000 per ounce pivot, supported by a sagging dollar, while investors awaited minutes from the U.S. Federal Reserve’s last policy meeting later in the day.

FUNDAMENTALS
Spot gold was up 0.1% at $2,002.12 per ounce by 0029 GMT, after hitting a one-week high of $2,014.97 on Tuesday.

U.S. gold futures eased 0.1% to $2,011.60 per ounce.

The dollar index fell for a sixth straight session, down 0.1%, to hold near a more than two-year low hit in the last session, making gold less expensive for holders of other currencies.

U.S. Treasury yields edged lower as the market largely snubbed strong housing data and looked for signs that a political impasse over a new round of aid to bolster the coronavirus-hit economy was easing.

Asian equities were mostly firmer on Wednesday after a strong Wall Street session in which the S&P 500 hit an all-time high, rebounding from huge losses caused by the coronavirus pandemic.

More than 22.03 million people have been reported to be infected by the novel coronavirus globally and 774,989? have died, according to a Reuters tally.

Japan’s exports fell 19.2% in July from a year earlier, posting a fifth straight month of double-digit declines, Ministry of Finance data showed.

Markets are looking to the release at 1800 GMT of the minutes of the Fed‘s latest meeting that might give more clues on the interest rate outlook.

Silver rose 0.6% to $27.82 per ounce. Platinum gained 0.2% to $958.33, and palladium edged 0.1% to $2,190.98.





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