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Gold prices hold steady as investors wait for Fed minutes

Spot gold was up 0.1 percent at $1,224.70 an ounce at 0100 GMT. On Monday, it touched its highest since July 26 at $1,233.26 an ounce..

October 17, 2018 / 08:15 AM IST

Gold prices held steady on Wednesday despite a rise in equities, with investors waiting for minutes from the US Federal Reserve's latest policy meeting for any fresh clues on the pace of interest rate hikes.

FUNDAMENTALS

Spot gold was up 0.1 percent at $1,224.70 an ounce at 0100 GMT. On Monday, it touched its highest since July 26 at $1,233.26 an ounce..

US gold futures were down 0.2 percent at $1,228.30 an ounce.

US President Donald Trump heaped more criticism on the Fed in an interview with Fox Business Network on Tuesday, extending his discontent beyond its chairman, Jerome Powell, whom he has frequently critiqued in public.

Past US presidents have been reticent to criticize the central bank because its independence is seen as important for economic stability. But Trump in the past week has called the Fed "crazy," "loco," "ridiculous," and "too cute".

Asian equities got some much needed relief on Wednesday after upbeat US earnings reports drove a rebound on Wall Street and helped restore a little confidence in emerging market stocks and currencies.

The dollar index against a basket of currencies held steady on Wednesday, after hitting a two-week low in the previous session.

Trump gave Saudi Arabia the benefit of the doubt in the disappearance of journalist Jamal Khashoggi even as US lawmakers pointed the finger at the Saudi leadership and Western pressure mounted on Riyadh to provide answers.

The US Trade Representative's office told Congress on Tuesday it intends to open trade talks with the European Union, the United Kingdom and Japan.

US industrial production increased for a fourth straight month in September, boosted by gains in manufacturing and mining output, but momentum slowed sharply in the third quarter.

Chinese exporters are mostly confident they can weather a trade war with the United States, but worry about collateral damage it might cause throughout the global economy, according to a Reuters poll of participants at China's largest trade fair.

European Union leaders will give British Prime Minister Theresa May a tough reception in Brussels on Wednesday, warning her to rally support at home for the Brexit deal on offer or be cut loose without one in March.

The Shanghai Futures Exchange (ShFE) on Tuesday invited companies to apply for a market maker role on its nickel and gold futures contracts in a bid to boost liquidity.

Reuters
first published: Oct 17, 2018 08:12 am

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