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Gold Up, but Moves Small as Investors Await Fed Meeting Minutes -Breaking

by Mike Robinson

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© Reuters

By Gina Lee

Investing.com – Gold was up on Wednesday morning in Asia ahead of the minutes from the latest U.S. Federal Reserve meeting. Investors also weighed the possibility of an earlier-than-expected interest rate hike against surging numbers of COVID-19 cases globally.

The climbed 0.03% to $1815.15 at 11:11PM ET (4:11 GMT). Normally, the inversely related to gold moves, but Wednesday saw a slight decline in the.

Later in the day, the Fed will publish the minutes of its December meeting. After the Minneapolis Fed President stated that he supported two increases in inflation for 2022, we now await statements from James Bullard (St. Louis Fed President) and Mary Daly (San Francisco Fed President), who will speak at separate events on Thursday or Friday.

On Tuesday, benchmark 10-year U.S. Treasury yields rose to their highest level in over a month due to Fed rate hike expectations. On Tuesday, futures on the Federal Funds Rate were priced at a 66% probability of a quarter-point tightening in March 2022. Investors fully price that scenario by May.

The omicron version continues to drive a rise in COVID-19 cases. According to Reuters, the U.S. reported a record global number of nearly 1,000,000 new cases Monday.

On Tuesday, the U.S. released data showing that December saw a lower-than expected 58.7, while November’s survey indicated 10.562million vacancies.

China’s Thursday release is in Asia Pacific.

Silver fell 0.1% in other precious metals while palladium rose 0.1%. Platinum remained the same at $971.21.

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