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- Gold price rose slightly today
Gold price rose slightly today
Gold prices rose slightly, supported by the weakening US dollar and the minutes of the last meeting of FOMC.
The US currency fell 0.4 percent against a basket of major currencies. Recall, the weakening dollar makes commodities cheaper for holders of other currencies.
FOMC minutes revealed that some members of the Fed's Board of Governors anticipate that in the near future will need to increase interest rates in the US, but many believe that additional data is necesary in order to make such a decision. Some said that the slowdown in hiring will prevent the rapid increase of rates in the future. Some politicians have expressed concern that low interest rates may harm financial stability.
According to the futures market, the probability of a Fed hike is 18% in September and 42.9% in December versus 41.7% yesterday.
"No one will be willing to aggressively sell gold, even if the interest rate rise, as presidential elections, scheduled for November, will create uncertainty," - said Yuichi Ikemitsu expert at Standard Bank in Tokyo.
The gold reserves in the largest gold ETF SPDR Gold Trust fell on Wednesday by 0.46 percent, reaching the level of 957.78 tons.
The cost of October gold futures on COMEX rose to $ 1,350.40 an ounce.
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