What's Up With Gold After Being Pushed Down By The USD?

thecekodok

Gold is trading steady again after slipping earlier in the week following the resurgence of the US dollar ahead of the FOMC meeting minutes report.


In the Asian session, the yellow metal was little changed at around $1,742 an ounce, trading not far from the two-week low it touched in the previous session.


The US dollar gained advantage as a safe haven as concerns about Covid-19 in China affected sentiment towards riskier assets.



This sent the precious metal gold retreating from the highs it reached last week, with the focus now turning to the publication of the FOMC minutes early Thursday morning.


Meanwhile, statements from several policy makers of the Federal Reserve (Fed) graced the market before the release of the report.


The President of the San Francisco Fed, Mary Daly said that there is still much work to be done in tightening monetary policy and lowering inflation.


Separately, Cleveland Fed President Loretta Mester backed a smaller rate hike in December, in line with market expectations for a 50 basis point increase.

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