Gold pulls back from 2-week high ahead of Fed minutes

2021-04-07 12:09:48 GMT (Economies.com)
Gold pulls back from 2-week high ahead of Fed minutes

Gold prices fell on Wednesday, and pulled back from 2-week high on profit-taking, ahead of the Federal Reserve meeting minutes.

 

Gold prices fell more than 0.4% to $1,735.58 an ounce, after opening at $1,743.09, and hit a high of $1,744.29

 

Gold closed higher by 0.9% yesterday, after hitting a 2-week high at $1,745.44.

 

Gold prices as the US dollar fell against a basket of its peers, which makes gold cheaper for other currencies holders.

 

The US dollar fell due to strong sentiment after the US Treasury bond yields fell and US stock indices rallied to new record highs.

 

At 18:00 GMT, The Federal Reserve will release minutes of the last policy meeting, at which policymakers voted to maintain current interest rates near zero and the bonds purchases program at over $120 billion.

 

Gold stocks at the SPDR ETF fell 3.78 metric tonnes yesterday, with the total at the lowest level since April 15, 2020 at 1,032.83 metric tonnes.

 
 
 
  Symbol Last Change Chg.%
1.1979
0.0068
0.5709%
1.3780
0.0032
0.2364%
Tadawul
9847.62
27.59
0.28%
25.416
0.322
1.281%
62.918
2.528
4.186%
66.40
2.73
4.29%
1736.740
-0.195
0.011%
 
 
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