Gold recovers from weekly low as USD softens ahead of FOMC Minutes
Gold (XAU/USD) rebounds from the weekly low, which it touched during the Asian session on Wednesday, and climbs above $4,350 in the last hour.
Gold prices rebounded from a weekly low, climbing above $4,350 in the last trading hour. The decline in the US Dollar, due to traders anticipating less policy action from the Federal Reserve, aided this recovery. However, traders may wait for more information on the Fed's future policy before taking new positions on gold. The focus remains on the upcoming Federal Open Market Committee (FOMC) Minutes, which will provide crucial insights into the Federal Reserve's future monetary policy decisions.
Geopolitical tensions, particularly in the Middle East, are contributing to inflation concerns and supporting crude oil prices. The US Dollar has strengthened against the Australian Dollar and other major currencies, but it may not sustain a sustained break lower. Bitcoin and Ethereum prices have shown signs of recovery, while Ripple appears to be holding steady near a key psychological level.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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