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Weak Dollar Post-Fed-Minutes Spurs Gold Wagers

Jan, 05th 11:44

Gold futures reversed lower after hitting nearly one-month high on Thursday but were still on track for a third straight day in the wake of a weakening U.S. dollar.

Gold for February delivery eased off to $1172.00 an ounce at 11:30 GMT, following a strong rally that sent the price to the highest level since December 07th at $1179.26. The greenback has been on a slide since the release of the Federal Reserve’s December meeting on Wednesday.

The minutes highlighted officials ““considerable uncertainty” about the possible impact on the U.S. economy of potential fiscal stimulus plans under President-elect Donald Trump’s administration. The path of interest rate rises may not be as aggressive as currently expected, given the strength of the dollar which may hold off inflation growth.

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