Gold steadies ahead of Fed minutes
Gold stabilized as the dollar maintained its gains, with investors on the sidelines ahead of the release of the minutes from the latest Fed policy meeting.
Bullion stumbled on Tuesday following four days of gains amid mixed news on the US economic data and concerns over the global economic recovery as the COVID-19 Delta variant spreads. Meanwhile, US retail sales dropped more than forecasted in July, even as output at factories reached the highest in four months.
Traders are shifting their attention to the Fed minutes due within the day and the coming week’s Jackson Hole symposium, which may provide insight on the timing of the central bank’s tapering. On Tuesday, Fed Chairman Jerome Powell flagged the pandemic as “casting a shadow on economic activity”, but did not outlook or risks from the Delta variant.
In related news, spot gold barely moved at $1,785.19 an ounce at 8:44 AM in Singapore after taking a 0.1% loss on Tuesday. Silver remained steady, while palladium and platinum both made gains.