Gold gains as dollar plunges ahead of Fed Minutes release ‎

Gold prices advanced on Wednesday, supported by a slight decline in the dollar, while investors looked forward to publishing the minutes of the Federal Reserve’s monetary policy meeting for the month of September, as well as inflation data, in search of indications about the path to raise interest rates.

And according to “Reuters”, gold prices in spot transactions rose 0.2% to $ 1668.40 an ounce by 0908 GMT, after falling for five consecutive sessions.

Meanwhile, US gold futures fell 0.6% to $1,675.50 per ounce.

The dollar fell 0.1% against other currencies, making gold less expensive for buyers of other currencies.

The Federal Reserve’s latest meeting minutes are due at 1800 GMT on Wednesday, followed by US CPI data on Thursday which is expected to continue rising.

The US central bank has raised interest rates significantly since March to tame runaway inflation, which also negatively affected the attractiveness of the precious metal, as high interest rates increased the opportunity cost of holding non-returnable bullion.

As for other precious metals, spot silver prices fell 0.1% to $19.18 an ounce, platinum rose 0.7% to $891.64, and palladium rose 0.6% to $2153.55.