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What’s next? – GOLD 17.08.17

17 August 2017 02:22 PM BDT
What’s next? – GOLD 17.08.17

Gold prices were higher in early trading hours on Thursday, as Fed’s minutes for July increased uncertainty over the future of monetary policy in world’s first economy. On the Comex division of the New York Mercantile Exchange, gold futures were trading 0.88 percent or $11.30 up at $1,294.20 a troy ounce as of 07:20 GMT. The Federal Open Market Committee seems to be dealing with two strong positions regarding future plans for interest rates and the reduction of its massive balance sheet. Some policymakers believe low inflation levels should prevent the regulator from rising rates in the near term, leaving them in a range between 1.00 and 1.25 percent for the time being. However, others insisted on the fact that waiting too long to move interest rates could pose a threat for the economy as the policy normalization process has already begun. Cleveland Fed President Loretta Mester said that inflation expectations are more stable, noting that are almost equal chances the Fed chooses to increase rates or take a breather. Meanwhile, a business backlash against President Trump continued to weigh on market sentiment following recent incidents with white supremacist groups in Virginia. Downbeat economic data also contributed to the yellow metal demand. Housing starts fell 4.8 percent last month to a seasonally adjusted annual rate of 1.16 million units. Initial jobless claims, Philly Fed manufacturing index and industrial production figures will be released later in the session. FOMC Kaplan and Kashkari are also due to speak.

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