Gold falls slightly ahead of FOMC January meeting minutes release

By Xu JingUnreguser
  • World
  • Thursday, 22 Feb 2024

CHICAGO, Feb. 21 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Wednesday as investors waited for the release of the Federal Open Market Committee (FOMC) January meeting minutes.

The most active gold contract for April delivery fell 5.50 U.S. dollars, or 0.27 percent, to close at 2,034.30 dollars per ounce.

Shortly after the floor trading closes, the meeting minutes were released, showing Federal Reserve officials are more worried about cutting rate too fast than moving too slow.

The minutes suggest no rate cuts until inflation moderates further.

In an interview on SiriusXM that aired Wednesday, Federal Reserve Bank of Richmond President Thomas Barkin said recent economic data highlighted how price pressures in some sectors are still too high, despite improvement in the overall inflation picture.

Barkin added that he's looking more closely at short-term inflation figures now than year-over-year data.

U.S. gross domestic product report will be released next week.

Silver for March delivery fell 26.20 cents, or 1.13 percent, to close at 22.874 dollars per ounce. Platinum for April delivery fell 24.70 dollars, or 2.70 percent, to close at 889.60 dollars per ounce.

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