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Gold Down, Fed’s Hawkish Stance Highlighted in Meeting Minutes -Breaking

by Mike Robinson

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© Reuters.

By Gina Lee

Investing.com – Gold was down on Thursday morning in Asia, as the minutes released from the U.S. Federal Reserve meeting signaled a hawkish stance amid surging COVID-19 cases.

By 11:07 AM ET (04:08 GMT), they were up 0.6% to $1.671.75 On Thursday morning, the, which moves in an opposite direction to gold, climbed a little.

This indicated that central banks are likely to increase interest rates sooner than they anticipated. The minutes also said the Fed could accelerate the pace of the bank’s asset tapering to calm high inflation.

The number of COVID-19 new cases continues to rise with the seven-day rolling average of COVID-19 new cases reaching 540,000 in the U.S. Tuesday. In the U.S., hospitalizations of COVID-19-infected patients have also increased 45% and are now at 111,000. The last time this happened was January 20,21.

Investors also digested U.S. data, with Tuesday’s a much higher-than-expected 807,000 in December. Now they are awaiting Friday’s U.S. jobs report (including non-farm payrolls).

Chinese data earlier that day also showed the December figure.

Other precious metals saw silver drop 0.1% while platinum fell 0.2%. Palladium was unchanged at $1863.69.

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