Spot gold price steady ahead of Fed meeting minutes

Gold was little changed on the morning of Wednesday November 23 in rangebound trading in London while investors await the release of the minutes of the previous US Federal Open Market Committee (FOMC) meeting later today.

The spot gold price was recently quoted at $1,212.40/1,212.70 per oz, up 15 cents on the previous close. Trade has ranged narrowly from $1,210.20 to $1,215.10 so far.

“Expectations leading into the Thanksgiving holiday on Thursday are that gold will continue to trade heavily but rangebound; however, support toward $1,200 should provide underlying bids to restrict downside movement,” MKS said.

Investors will scrutinise the minutes from the previous FOMC meeting for hints on when and how quickly the Fed will raise interest rates. Market participants currently see a 95.4% chance of a rate increase in December, according to the CME’s FedWatch tool.

In the other precious metals, the spot silver price was unchanged at $16.670/16.690 per oz. Platinum at $935/945 per oz was $5 higher and palladium climbed $3 to $741/746 per oz.

(Editing by Mark Shaw)

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