Thanks to a less hawkish Federal Reserve (Fed), gold managed to gain strength to trade higher on Thursday.
Heading into the Asian session, the yellow metal shined at around $1,755 per ounce, rebounding from the fall recorded at the opening of the New York session earlier touching $1,727 per ounce.
The report of the minutes of the latest Federal Reserve (Fed) meeting shows that policymakers said that it is appropriate to slow the rate of increase in interest rates soon.
In fact, there are also some policymakers who worry that the central bank may tighten monetary policy more than necessary to the detriment of financial and economic stability.
This further reinforces market expectations that the Fed will implement a 50 basis point hike in December, following four consecutive 75 basis point hikes previously.
Even so, the Fed expects the final interest rate may be higher than previously expected, with markets predicting it to exceed 5% next year.
