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Gold stays below $4,500 as USD slides and hawkish Fed minutes loom
The article cites hawkish FOMC minutes from July 28-29, even as the dollar hits a fresh three-month low amid falling US bond yields.
Gold prices (XAU/USD) held an offered tone below $4,500 through the first half of the European session, with the move undercut by hawkish signals from the latest FOMC minutes.
FXStreet links the pressure to Wednesday’s minutes from the Fed’s July 28-29 meeting, where officials indicated they would need to raise interest rates soon unless there was more progress on reducing inflation. At the same time, the US dollar struggled to find buyers and slid to a fresh three-month low, helping limit gold’s downside near its early-June peak.
The story adds that recent US data showed modest month-over-month price increases in July, while inflation remains well above the Fed’s 2% goal. It also points to concerns that higher energy prices tied to the Middle East crisis could reignite inflation pressure, keeping at least one Fed rate hike in 2026 on the table.
Separately, the US Treasury said it would at least double buyback operations for long-dated government debt starting in September, which the article says pushed the 30-year yield down from its highest level since June 2007. Traders are also watching Thursday’s US economic calendar, including the Philly Fed Manufacturing Index and Weekly Initial Jobless Claims, along with FOMC speeches and further geopolitical headlines.
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