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DHAKA: Gold prices fell again in the global market on Wednesday, a day after rising, as investors awaited the release of the minutes of the US Federal Reserve’s September meeting for fresh clues about the central bank’s next moves on interest rates.
At 1:45am Greenwich Mean Time (GMT) on Wednesday (October 7), spot gold was down 0.3% at $4,150 per ounce. At the same time, US gold futures fell 0.2% to $4,177 per ounce.
Frank Walbaum, a market analyst at Nagad.com, said gold prices were relatively stable but could show a slight downward trend.
He said the meeting minutes would shed light on policymakers’ stance on monetary policy and their level of support for raising interest rates. This could also alter expectations about the possibility of future rate hikes.
The analyst added that any developments in the Middle East that affect long-term Treasury yields, the US dollar or oil prices could further amplify their impact on gold prices.
Recent comments by Fed officials have highlighted the US central bank’s firm commitment to bringing inflation under control.
