XAUUSD - Tread water ahead of FOMC minutes
Gold prices did not stray too far from flat levels in quieter US trading on Wednesday. Traders are waiting for the minutes of the Federal Reserve's final Open Market Committee (FOMC) meeting to be released this afternoon.
A growing number of economists and market observers believe that the Federal Reserve's series of rate hikes has succeeded in curbing price inflation to the point where there is no need for further rate hikes. Today's FOMC minutes may or may not provide new clues about the US central bank's bent monetary policy.
A growing number of economists and market observers believe that the Federal Reserve's series of rate hikes has succeeded in curbing price inflation to the point where there is no need for further rate hikes. Today's FOMC minutes may or may not provide new clues about the US central bank's bent monetary policy.
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Last night, gold prices penetrated the key support level of $1,900. Precious metals are fluctuating at the lowest prices in more than 5 months.
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Bank of America's Hartnett described this week's China data as "shocking" and warned of a credit event that could crash markets and necessitate a coordinated response.
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The world gold price gained modestly after a series of quiet days thanks to the weakening of the USD. Early this morning, the US Dollar Index, which measures the volatility of the greenback, fell 0.19%, increasing the attractiveness of gold to buyers holding other currencies.
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🔹Emerging markets group BRICS invites 6 new members, including Saudi Arabia and Iran.
