Gold (XAU/USD) held around $3,326 with moderate intraday gains. Selling pressure in global markets provided slight support as a safe haven, but hopes for peace between Russia and Ukraine curbed hedging interest, limiting gold's rally. The market preferred to await clues about the Fed's policy direction from the release of the FOMC minutes.
Fading expectations for a Fed rate cut helped the US dollar remain strong and made yieldless gold less attractive. Stable bond yields also limited price gains. In the very short term, gold's direction will be determined by the reaction of the US dollar and yields after the minutes are released.
The gold price at the time of writing was $3,326/Toz.
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions.
Source: Newsmaker.id
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