May 30, 2023

Dubai Week

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Gold eases its losses minutes after the US Federal Reserve meeting

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Gold prices fell on Wednesday after the US Federal Reserve indicated in its minutes of the Federal Reserve meeting that it would continue to raise interest rates by half a percentage point in its June and July meetings.

At 21:00 GMT, gold on the spot traded down 0.7 percent at $ 1852.70 an ounce, down 1.3 percent from the previous session to $ 1842.49.

US gold futures fell 0.72 percent to $ 1,852 an ounce.

The minutes of the central bank meeting show that all participants in the meeting on the third and fourth of May supported a half-percentage point increase in the key interest rate to combat inflation.

Minutes after the meeting were released, gold eased its losses after the dollar had been lower for most of the session.

While gold is seen as a defensive tool against inflation, the rapid rise in US interest rates increases the likelihood of an opportunity to buy an interest-free yellow metal.

Among other precious metals, silver spot transactions fell 0.5 percent to $ 21.99 an ounce. Platinum was down 1.1 percent at $ 943.90 an ounce and Palladium was at $ 2006.30 an ounce.


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