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Gold futures prices rose to $4,479.90/ounce, as the dollar and U.S. Treasury yields pulled back, and the market focused on the Federal Reserve FOMC meeting minutes.
Gold futures prices rose in early Wednesday trading, reaching $4,479.90 per ounce as of 8:53 AM ET. This followed a 0.2% drop in the DXY and a 0.4% decline in the 10-year U.S. Treasury yield. Investors are closely watching the upcoming release of the Federal Reserve's FOMC meeting minutes for clues regarding the short-term interest rate outlook. The CME FedWatch Tool indicates a 67.4% probability that the Federal Reserve will keep interest rates unchanged at its September meeting. Over the past three weeks, gold prices have cumulatively risen by more than 10% as expectations for interest rate hikes have decreased.
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