Gold rises, markets await Federal Reserve minutes - What are investors' expectations and movements?
Gold prices rose from a near-week low as investors awaited the minutes of a Federal Reserve meeting with renewed concerns about inflation from fresh US-Iran attacks limiting gains in the precious metal.
Iran's Revolutionary Guard said it targeted US military bases in Bahrain and Kuwait on Wednesday, after the US launched a wave of attacks on Iran and revoked a license allowing the country to sell oil after three tankers were hit by missiles in the Strait of Hormuz.
The price of gold in the country rose 0.6%, after falling to its lowest level since July 2. U.S. gold futures for August delivery fell 0.4% to $4,138.80.
Oil prices rose more than 3%, U.S. Treasury yields improved. Markets have raised their bets on a Federal Reserve interest rate hike in September to a probability of over 63%, from about 57% on Tuesday, the CME FedWatch tool showed.
Minutes from the June 16-17 Federal Open Market Committee meeting, expected to be held later today, are expected to provide data on interest rate performance under the leadership of Federal Reserve Chairman Kevin Warsh.
While gold is seen as a hedge against inflation and typically gains in times of geopolitical uncertainty, high interest rates tend to weigh on the non-yielding asset. Among other metals, the price of silver in the country rose 1.3% to $60.77 an ounce, platinum fell 0.2% to $1,636.72 and palladium fell 0.3% to $1,272.75, the highest in a week.
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