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© Reuters. Gold Holds Near Four-Month High as Investors Weigh Fed Minutes
(Bloomberg) -- Gold steadied near the highest level in more than four months as investors assessed the minutes from the Federal Reserve’s meeting in April that flagged the possibility of a debate on scaling back asset purchases.
“A number of participants suggested that if the economy continued to make rapid progress toward the committee’s goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases,” according to minutes published Wednesday. Treasury yields and the dollar rose after the release. In a press conference following last month’s meeting, Chair Jerome Powell had said that it was premature to start talking about tapering.
Rising inflation expectations and a resurgence of coronavirus cases in some countries has revived interest in gold as a hedge and haven asset, with a rebound seen in holdings in bullion-backed exchange-traded funds. While U.S. policy makers have signaled they intend to maintain an accommodative stance for a prolonged period, any hints of a timeline for paring back exceptional stimulus could weigh on the precious metal.
Spot gold was little changed at $1,869.58 an ounce by 8:50 a.m. in Singapore. Prices climbed to $1,890.13 on Wednesday, the highest since Jan. 8, but erased gains after the release of the Fed minutes. Silver fell, while palladium and platinum rose. The Bloomberg Dollar Spot Index was flat after climbing 0.5% on Wednesday.
©2021 Bloomberg L.P.
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