Gold rallies on FOMC minutes

At the time of writing, gold is trading at $1764.77 an ounce. Gold price has rallied on the FOMC minutes which is not shedding much light on how aggressive US monetary policymakers are expected to be.

There was no obvious message that rate hikes will be as aggressive in September’s meeting. So, gold is retracing some of the rally after the minutes’ release.

The US dollar was lower as a consequence with the Dollar Index dropping 37 points to 106.385. The 10-year yield was also under pressure, dropping 0.8% to 2.888% and well off the 2.919% highs for the day. The 2-year yield dropped by nearly 1.4%. This enabled the yellow metal to recover some ground.