Gold prices near 8-month high as dovish Fed minutes weigh on dollar, yields

Gold prices near 8-month high as dovish Fed minutes weigh on dollar, yields

Spot gold held its ground at $1,868.36 per ounce, as of 0123 GMT. Bullion had hit its highest level since June at $1,879.48 on Tuesday.







Reuters









February 17, 2022 / 07:49 AM IST





Gold steadied on Thursday near an eight-month high touched earlier this week, as the U.S. dollar and Treasury yields dipped on less hawkish-than-feared Federal Reserve minutes, and as the Ukraine crisis boosted demand for the safe-haven metal.

FUNDAMENTALS

* Spot gold held its ground at $1,868.36 per ounce, as of 0123 GMT. Bullion had hit its highest level since June at $1,879.48 on Tuesday.

* U.S. gold futures were steady at $1,871.40.

* Oil and gold prices rose on Wednesday after NATO and the United States said Russia was increasing its troop build-up near Ukraine, while dovish Fed minutes helped stocks close mostly flat on Wall Street. [MKTS/GLOB]

* Fed officials last month agreed that with inflation tightening its grip on the economy and employment strong, it was time to raise interest rates, but also that any decisions would depend on a meeting-by-meeting analysis of inflation and other data, according to the minutes of the Jan. 25-26 policy meeting.

* The dollar eased