Gold prices drop as FOMC minutes shows some central bankers supported a 50 basis point hike in February
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At the start of the month, in a widely anticipated move, the Federal Reserve unanimously decided to raised interest rates by 25 basis points; however, the minutes shows that some members favored a 50 basis point move. “A few participants stated that they favored raising the target range for the federal funds rate 50 basis points at this meeting or that they could have supported raising the target by that amount.
According to some analysts the discussion is giving the minutes a hawkish tone as the central bank remains focused on bringing inflation down to its 2% target. While gold prices have dropped into negative territory in initial reaction to the minutes, the price action remains fairly muted. April gold futures last traded at $1,838.40 an ounce, down 0.22% on the day.
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