Gold settled as investors await the minutes of Fed meeting

Gold prices stabilized on Wednesday as investors awaited the release of the minutes of the Federal Reserve’s latest monetary policy meeting, looking for clues regarding interest rates amid signs of easing inflation.

And the price of gold settled in spot transactions at 1776.75 dollars an ounce at 0708 GMT, after hitting its lowest level since the eighth of August at 1770.86 dollars on Tuesday.

US gold futures rose 0.1 percent to $1,791.70.

The minutes of the US central bank’s monetary policy meeting are due to be released on July 26-27 at 1800 GMT.

The Fed has raised its benchmark overnight interest rate by a total of 225 basis points since March to tame hyperinflation. The rise in interest rates in the United States weakens the attractiveness of the yellow metal, which does not generate returns.

Meanwhile, the dollar, gold’s safe-haven competitor and closely linked to it, also remained stable ahead of US retail sales data and the Fed meeting minutes.

Despite signs of declining inflation in the world’s largest economy, Federal Reserve officials maintained a hawkish tone about future interest rate hikes that pushed gold prices back from the key $1,800 level.

In terms of other precious metals, the price of silver in spot transactions rose 0.2 percent to $ 20.15 an ounce, and platinum fell by the same to $ 933.02, and palladium also rose 0.2 to $ 2157.93.