Gold Investors Focused on the FED Minutes

Gold investors focused on the Fed minutes. While the minutes are awaited, gold prices moved sideways.

Gold fell after the meeting of Fed Chairman Jerome Powell on Tuesday, and remained flat ahead of the FED minutes to be released on Wednesday. Gram gold is trading around 485 TL. Gold investors turned their eyes to the FED minutes to be announced on Wednesday at 9 pm and the Jackson Hole symposium to be held next week. Powell, on the other hand, stated at the meeting on Tuesday that the epidemic continued to overshadow the economic recovery, but did not make any comments on monetary policy or growth. Retail sales in the US fell more than expected in July, while factory output continued to increase for the fourth consecutive month. An increase in delta variant cases may obscure the outlook for economic recovery, leading to a later-than-anticipated start of the asset purchase reduction program. This situation is expected to support gold prices in the short term.

Ounce of Gold

After the stronger-than-expected non-farm employment data in the US, the ounce of gold, which fell below $1,700 in intraday transactions, corrected some of its losses and exceeded $1,780 on the grounds that the delta variant might suppress the economic recovery. Gold hovers around $1,789 an ounce ahead of the FED minutes on Wednesday.

Gram Gold

Stuck between the decline in the USD/TL rate and the fluctuating course in global gold prices for a week, despite the dollar rate falling to 8.43, gram gold is hovering around 485 TL supported by the rise in global gold prices.