Gold held near the highest in almost two weeks after minutes from the Federal Reserve’s latest meeting and unexpectedly soft U.S. inflation reinforced investor expectations that the central bank would pause on raising interest rates for the remainder of this year.
Spot gold little changed at $1,307.23/oz at 8:47am in Singapore; prices rose to $1,310.67 on Wednesday, the highest intraday level since March 28. Bloomberg Dollar Spot Index steady after -0.2% Wednesday. In other precious metals, Spot silver -0.1%, Platinum +0.1% and Palladium steady.
Policy makers last month grappled with “significant uncertainties” and persistently low inflation as they scrapped forecasts for interest-rate hikes in 2019 even while voicing the need to maintain policy flexibility, according to minutes of the March 19-20 Fed meeting, released Wednesday.
Source : Bloomberg