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- Gold price climbs on the Fed’s minutes
Gold price climbs on the Fed’s minutes
Gold price rose on the Fed's minutes. The minutes showed that an interest rate hike in December is possible, but it will depend on the incoming data.
"Some participants thought that the conditions for beginning the policy normalization process had already been met. Most participants anticipated that, based on their assessment of the current economic situation and their outlook for economic activity, the labour market, and inflation, these conditions could well be met by the time of the next meeting," the minutes said.
Market participants eyed the U.S. initial jobless claims data today. According to the U.S. Labor Department, the number of initial jobless claims in the week ending November 14 in the U.S. fell to 271,000 from 276,000 in the previous week, in line with expectations.
Jobless claims remained below 300,000 the 37th straight week. This threshold is associated with the strengthening of the labour market.
December futures for gold on the COMEX today increased to 1081.70 dollars per ounce.
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