Gold Futures Settle Higher Ahead Of Fed Minutes
Gold futures settled higher on Tuesday despite the dollar climbing up ahead of the release of the minutes of the Federal Reserve’s most recent policy meeting.
The minutes may shed additional light on the outlook for interest rates.
The dollar index climbed to 103.66, gaining more than 0.2%.
Gold futures for December ended higher by $21.30 at $2,001.60 an ounce.
Silver futures for December ended up $0.255 at $23.869 an ounce, while Copper futures for December settled at $3.8125 per pound, down $0.0015 from the previous close.
CME Group’s FedWatch Tool currently indicates the Fed is likely to remain on hold until cutting rates beginning in mid-2004.
Richmond Fed president Thomas Barkin said it’s not yet the right time to declare victory on inflation and focus should remain and getting price growth back to the 2% goal.
Earlier today, Bank of England’s Governor Andrew Bailey warned that inflation is still “too high” and the central bank needs to maintain restrictive rates for long enough to squeeze inflation out of the system.
European Central Bank President Christine Lagarde is set to speak on the occasion of the 100th anniversary of the currency reform in Germany in 1923.
On the economic front, the National Association of Realtors released a report showing existing home sales in the U.S. tumbled by much more than expected in the month of October
NAR said existing home sales plummeted by 4.1% to an annual rate of 3.79 million in October after plunging by 2.2% to a revised rate of 3.95 million in September.
Economists had expected existing home sales to slump by 1.5% to a rate of 3.90 million from the 3.96 million originally reported for the previous month.
Source: Read Full Article