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Metals : Gold Rises as Investors Await Fed Minutes

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01/03/2018 | 05:07pm CEST
By Ira Iosebashvili 

Gold prices edged higher Wednesday, as investors awaited minutes from the Federal Reserve's latest meeting.

Gold for February delivery was recently up 0.2%, at $1,318.80 a troy ounce, on the Comex division of the New York Mercantile Exchange.

Minutes from the Fed's December meeting are due out at 2 p.m. EST. Signs that the central bank is leaning toward a more cautious stance on interest rates this year could fuel further gains in gold, which has risen more than 4% in the past month. Gold struggles to compete with yield-bearing investments when interest rates rise. The Fed has signaled three more rate increases in 2018, though inflation remains muted.

Investors are also awaiting Friday's U.S. employment data for signs of whether stronger economic growth is stimulating higher wages.

Gold had its best year since 2010 last year with a 14% gain, boosted by a weakening dollar and political tensions around the world.

In base metals, copper for March delivery was down 1%, to $3.2430 a pound.

Write to Ira Iosebashvili at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.35% 1222.73 Delayed Quote.-4.76%
PLATINUM -1.15% 806.87 Delayed Quote.-11.09%
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