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FX.co ★ Gold Struggles For Direction Ahead Of Fed Minutes

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typeContent_19130:::2022-08-17T10:15:00

Gold Struggles For Direction Ahead Of Fed Minutes

Gold prices struggled for direction on Wednesday as investors awaited the release of Fed policy meetings later in the day for clues on the economic and rate outlook.

Spot gold slipped 0.1 percent to $1,773.62 per ounce, while U.S. gold futures were marginally lower at $1,788.25.

The dollar firmed against its rivals as a cautious undertone prevailed ahead of the release of Fed meeting minutes and U.S. retail sales data for July.

Interest-rate worries were back in focus after data showed Britain's inflation rate rose to a new 40-year high of 10.1 percent in July.

The U.K. consumer price index climbed from 9.4 percent in June to 10.1 percent in July, raising expectations for a 50 basis-point rate hike by the Bank of England at the meeting in September.

Separately, preliminary data from Eurostat revealed that growth in the Eurozone slowed slightly in the second quarter.

Seasonally adjusted GDP in the common currency area rose by 0.6 percent during the period, down from 0.7 percent in the prior quarter.

The Federal Reserve releases the minutes from its July 26-27 meeting at 2:00 pm ET.

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