Gold slips as fed meeting minutes dissuade investors

Thursday’s trade session in Asia did not see gold luster as investors had a huge appetite for riskier assets. This as the Federal Reserve’s meeting showed sustained policy support which boosted hopes for the global economic recovery from the pandemic.

Gold futures lost 0.9% at $1740.05.

With the release of the Fed’s meeting minutes on Wednesday, the uncertain path to economic recovery loomed larger as the Fed decided not to scale back its massive bond-buying program.

Central bank officials also downplayed inflation risks from the recent surge in Treasury yields, citing that the yields increase shows signs of growth. Meanwhile, hopes for more fiscal stimulus rise with President Joe Biden appealing for businesses to spend a large part of the more than $2 trillion bill for his infrastructure plan.

Gold’s further losses were eased as the dollar suffered from another loss, posting more than two-week lows on Thursday.

In other precious metals, silver declined 0.3%. Platinum gained 0.1% while palladium lowered 0.2%.