Gold flat as focus turns to Fed minutes
GLD•Spot gold was little changed at $4,159.62 an ounce, while U.S. gold futures steadied at $4,187.30. Investors awaited minutes from the Federal Reserve’s September meeting for clues on its policy path.
1. Gold prices steady
Spot gold was little changed at $4,159.62 per ounce by 0038 GMT, and U.S. gold futures for December delivery steadied at $4,187.30. Minutes from the September Federal Open Market Committee meeting were due later Wednesday.
2. Fed rate outlook
San Francisco Fed President Mary Daly said she supported September’s rate hike and that whether further increases are needed depends largely on whether inflationary shocks fade or continue to compound. Kansas City Fed President Jeff Schmid said the Fed still needs to raise rates further to lower inflation. Recent soft economic data has reduced expectations for a rate hike in October, while traders still see an 85% chance of an increase in December.
3. Other market details
Delegates at the London Bullion Market Association’s annual gathering predicted gold would reach $5,013 a troy ounce over the next 12 months. Spot silver fell 0.6% to $61.32, platinum rose 0.4% to $1,707.65, and palladium lost 0.1% to $1,170.75.
