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Gold rebounds above $4,350 as dollar softens ahead of FOMC minutes
FOMC Minutes are the focus as traders weigh inflation jitters from rising energy prices tied to Middle East tensions and the US-Iran standoff.
Gold prices rebounded from a weekly low reached during the Asian session and moved back above $4,350, as the US dollar attracted less demand and slowed its week’s recovery from a two-month low, FXStreet wrote. Traders may hold off on fresh bets ahead of the release of FOMC Minutes, with attention on inflation concerns linked to higher energy prices. FXStreet said crude oil climbed to a nearly three-week high amid the US-Iran dispute over the Strait of Hormuz, after statements from US President Donald Trump and comments from Iranian Parliament Speaker Mohammad Bagher Ghalibaf regarding the waterway. The geopolitical risk premium associated with the standoff has helped support crude, which in turn feeds inflation worries and pushed the longer-end 30-year US bond yield to its highest level since June 2007, FXStreet reported. The outlet also cited CME Group’s FedWatch Tool showing traders priced in about a 68% chance of a Fed rate hike by year-end. Technically, FXStreet said the XAU/USD pair has struggled to gain acceptance above the 50% retracement level of the April-June decline and remains below the 200-day simple moving average, keeping a near-term bearish bias even as the metal consolidates near recent highs.
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Latest closeGold $4,432.00 ▲1.6%|WTI crude $82.40 ▲1.4%