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MTECHTIPS;-Gold trades just shy of 3-month highs ahead of FOMC minutes

Thursday, February 23, 2017 0:30
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MTECHTIPS;-Gold trades just shy of 3-month highs ahead of FOMC minutes

 

MTECHTIPS-Gold prices inched up during North American morning hours on Wednesday, reversing overnight losses as investors focused on the latest minutes from the Federal Reserve for further hints on the timing and pace of future rate hikes. U.S. gold futures tacked on $2.00, or about 0.2%, to $1,240.95 a troy ounce by 8:50 AM ET (13:50 GMT), after ending Tuesday’s session little changed. Spot gold was up 0.4% at $1,239.97 per ounce. Prices of the yellow metal reached a three-month peak of $1,243.90 on February 8. The Fed will release minutes of its most recent policy meeting on Wednesday at 2:00 PM ET (19:00 GMT). The U.S. central bank held interest rates steady following its meeting on February 1 and painted a relatively upbeat picture of the economy, although it gave no firm signal on the timing of its next rate move. Besides the Fed minutes, there are two Fed speakers Wednesday. Central bank Governor Jerome Powell speaks at 1:00 PM ET (18:00 GMT) in New York at the Forecasters Club of New York on the economic outlook and policy. Dallas Fed President Robert Plank discusses issues facing the global economy at a Dallas Fed event at 7:05 PM ET. On the data front, Wednesday’s calendar features existing home sales for January at 10 AM ET (15:00 GMT). Fed fund futures priced in about a 22% chance of a rate hike in March, according to Investing.com’s Fed Rate Monitor Tool. Odds of a May increase was seen at around 50%, while June odds were at 73%. The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets 

 

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