Gold Price Pressured Ahead Of FOMC Minutes

Gold price holds lower ground near one-week low after two-day downtrend. Mixed sentiment as well as the pre FOMC Minutes anxiety have kept the Gold Index stuck. Recession-related fears have been renewed and even gained major attention with China, Europe in focus.

FOMC Minutes will be eyed closely to confirm 75 bps rate hike in September. Gold price prints a three-day downtrend as it grinds lower around $1,775 during the initial hours of Wednesday’s Asian session. The precious metal fades the late Tuesday’s bounce off $1,772 as traders turn cautious ahead of today’s key FOMC meeting minutes.

Fears of economic slowdown, mainly emanating from China and Europe, join firmer Treasury yields and positive equities to confuse the traders. It’s worth noting that the US dollar also retreated amid the market’s indecision.