Gold held a drop as investors weighed minutes from the Federal Reserve’s July meeting, which signaled ongoing interest-rate hikes but at a slower pace down the track.
Bullion is hovering near a two-week low after the US dollar and bond yields rose Wednesday, although some losses were pared in the wake of the release of the minutes. The transcript showed Fed officials saw the need to dial back the pace of rate increases at some point but also wanted to gauge how their monetary tightening was working toward curbing US inflation. They also saw the risks of tightening more than necessary.
Swaps tied to Fed policy meeting dates indicated lower odds of a 75-basis points hike next month as opposed to a half-point move. Higher rates weigh on non-interest bearing bullion.
Investor interest in gold has waned, with holdings in bullion-backed exchange-traded funds contracting for a fourth straight day.
Meanwhile, some geopolitical risks have reared up again as US and Taiwan started formal negotiations on a bilateral trade initiative, a move likely to inflame already high tensions with China and underpin haven demand for bullion.
Silver Imports
India’s silver imports are set to triple in 2022 from a year ago to record highs after a dip in prices to 2-year lows spurred investors to bet that the metal was primed for a rebound and could outperform gold in the coming years.
Source: Bloomberg
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