Gold steadies as Fed minutes awaited
Reports indicate that gold prices stabilized today after declining by approximately 2% in the previous session, as investors await the Federal Reserve's July meeting minutes for new signals regarding future monetary policies and interest rates. The spot price of gold remained steady at around $4,337.59 per ounce, while futures contracted by 0.7% to approximately $4,391.20. This followed a drop in U.S. Treasury bond yields, which directly influence gold prices, amid anticipation of the Fed's decision on interest rates—expected to remain unchanged with a 64% probability, although a hike is possible in September. Consequently, attention is now focused on the upcoming release of the Federal Open Market Committee minutes, expected shortly after, to shed light on the upcoming monetary policy directions.
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