Gold is locked in a tight range ahead of US Fed meeting ‎minutes release

Gold prices moved in a narrow range today, Wednesday, amid cautious trading ahead of the release of the minutes of the Federal Reserve’s June monetary policy meeting later on Wednesday.

According to Reuters, gold prices rose in spot transactions by 0.2 percent to $1927.99 an ounce by 0952 GMT, in a range of no more than eight dollars, while US gold futures rose 0.3 percent to $1935.50. ,

The Federal Open Market Committee will issue the minutes of the meeting that took place on June 13 and 14 at 1800 GMT today, and an important jobs report released later this week will provide more indicators needed to predict the path of US interest rates.

High interest rates lead to a decline in investment in gold, which does not yield a return, but is considered a safe hedge at a time of economic uncertainty.

Investors now expect 86 percent of the Federal Reserve to raise interest rates by 25 basis points, with rate cuts expected from 2024, according to CME Group’s Videowatch tool.

As for other precious metals, spot silver fell 0.3 percent to $22.88 an ounce, while platinum rose 0.1 percent to $915.94, and palladium fell 0.5 percent to $1,236.46.