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Gold falls ahead of Fed minutes
Gold prices declined today, Wednesday, as the precious metals market awaited the Federal Reserve's meeting minutes, which are expected to reveal future monetary policy intentions. The spot price of gold dropped by 0.3% to $4,150.23 per ounce, while futures contracts decreased to $4,177.60. It is believed that the minutes may disclose the degree of policymakers' support for further interest rate hikes, which puts pressure on gold, as rising interest rates tend to reduce its attractiveness compared to yield-bearing assets. Federal officials reiterated the bank's commitment to combating inflation, with expectations of a possible rate hike in December, despite some reduction in the likelihood of an increase in October. Analysts stated that any changes in Treasury yields, the dollar, or oil prices resulting from developments in the Middle East could influence gold trends. Additionally, other precious metals also saw declines, with silver falling 1% to $61.12, platinum rising slightly by 0.2% to $1,704.25, and palladium decreasing by 0.3% to $1,168.20.
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