The post Gold price edges higher on mixed US jobs outlook, insightful FOMC minutes appeared on BitcoinEthereumNews.com.

Gold climbs following Fed minutes hinted at a potential slowdown in the rate easing cycle. US Dollar Index maintains gains, while US Treasury yields show a slight pullback from recent highs. Gold market watchers eye US Nonfarm Payrolls report and UoM Consumer Sentiment data. Gold price climbed during the North American session after the United States (US) Federal Reserve (Fed) struck a neutral to slightly hawkish tone in last December meeting minutes, hinting that it “would be appropriate to slow pace of easing.” At the time of writing, XAU/USD trades at $2,659, up by 0.34%. During the December meeting, officials decided to lower borrowing costs by 25 basis points. However, “some participants said there was merit in keeping rates unchanged at that meeting, citing the higher risk of persistently elevated inflation.” Following the minutes’ release, XAU/USD edged towards $2,658 before paring some of those gains. The US Dollar Index (DXY), which measures the Greenback’s performance against a basket of six currencies, holds to earlier gains of 0.33% at 109.04. The US 10-year benchmark note coupon retraced after hitting 4.73% to 4.699%, up by three basis points (bps). Earlier, market participants shifted wary of a CNN article revealing that US President-elect Donald Trump might consider a national economic emergency declaration, allowing him to impose tariffs on adversaries and allies. Bullion buyers ignored mixed US jobs reports, as private companies hired fewer people than expected. However, the US Department of Labor revealed that Americans’ applications for jobless benefits were reduced compared to the previous week and came below forecasts. Fed Governor Christopher Waller crossed the wires and said that tariffs would not cause persistent inflation, which would continue to fall towards the Fed’s 2% goal. Waller added that he favors further rate cuts, which would be data-dependent. In the meantime, Gold traders…

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Filed under: News - @ January 8, 2025 11:18 pm