(Kitco News) - Gold prices have fallen to fresh session lows as the Federal Reserve appears to maintain its hawkish bias, leaving its options for another rate hike open as inflation pressures remain elevated, according to the minutes of the central bank’s July monetary policy meeting.
The minutes provided little forward guidance ahead of September’s monetary policy decision as the committee said that it will remain data dependent; however, the minutes shows a slight tightening bias.
“Participants continued to judge that it was critical that the stance of monetary policy be sufficiently restrictive to return inflation to the Committee’s 2 percent objective over time. They noted that uncertainty about the economic outlook remained elevated and agreed that policy decisions at future meetings should depend on the totality of the incoming information and its implications for the economic outlook and inflation as well as for the balance of risks,” the minutes said.
The Federal Reserve’s aggressive monetary policy tightening has been the biggest headwind for gold and the precious metal continues to struggle in this environment. December gold futures last traded at $1,926.80 an ounce, down 0.43% on the day.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Minutes of U.S. Federal Reserve’s July policy meeting could hint at end of rate hikesThe minutes may show how much faith different groups of Fed officials have in a continued decline in inflation, or whether the bulk of them still feel another rate increase is likely needed
Read more »
U.S. Federal Reserve minutes: Inflation still a threat, could require more rate hikesMost U.S. Federal Reserve officials last month still regarded high inflation as an ongoing threat that could require further interest rate increases, according to the minutes of their July 25 to 26 meeting released Wednesday.
Read more »
Bond market sees no end to tumult as Federal Reserve casts a hawkish shadowInvestors anticipate US Treasuries will continue to be whipsawed by heightened volatility from economic uncertainty. Find out more.
Read more »
Gold decline continues after last week’s strong weekly price dropExclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels.
Read more »
Risk-on greater reason for record-high Q2 gold price than interest rate declineThe all-time-high second-quarter (Q2) gold price is less about the forecast decline in interest rates and more about risk-on amid global economy wrestling and world deglobalisation, Barrick president and CEO Dr Mark Bristow highlighted this week, following his round-the-world travel. “China is certainly going to recover – but not back to where it was,” Bristow forecast during the Q2 results presentation of the New York- and Toronto-listed gold and copper mining company. (Also watch attached Creamer Media video.)
Read more »
Bride Refuses To Reserve Seats For MIL’s Miscarried And Stillborn Children At Her WeddingIt's OK for parents to have some reservations for their kids' weddings. This, however, becomes a problem if their requests are disturbing.
Read more »