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GOLD PRICE CLINGS TO MILD LOSSES AHEAD OF FOMC MINUTES

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  • Gold price trades with mild negative bias in Wednesday’s early Asian session.
  • The cautious approach from Fed officials weighs on precious metals. 
  • Gold traders will monitor the  FOMC Minutes and Fed’s Goolsbee speech. 

Gold price (XAU/USD) trades on a negative note on Wednesday after retreating from a record high on Monday. Members of the Federal Reserve (Fed) warned that the US central bank needed much more convincing that inflation was easing before it could begin cutting interest rates, emphasizing the Fed is likely to keep rates higher for longer. This, in turn, might boost the Greenback and weigh the USD-denominated gold lower. 

Nonetheless, the yellow metal’s downside might be limited amid the renewed US-China trade tensions, Middle East geopolitical tensions, and the strong demand from central banks and Asian buyers, which might provide some support to the yellow metal. Later on Wednesday, gold traders will keep an eye on FOMC Minutes, along with the Fed’s Goolsbee speech. 


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