Gold prices dip as dollar rebounds in anticipation of Fed minutes.
Gold prices fell in Asian trade on Wednesday, relinquishing a measure of recent gains as the dollar rebounded amid some uncertainty over the timing of the Federal Reserve’s interest rate cuts in 2024.
The yellow metal saw a strong run-up in the final few trading days of 2023, amid growing optimism that the Fed will begin cutting rates by as soon as March 2024. Spot gold was still trading within $100 of a record high hit at the beginning of December.
But markets appeared to be seeking more affirmation that the Fed will begin trimming rates early in 2024. This saw the yellow metal relinquish some recent gains, while the dollar rebounded sharply from near five-month lows on Tuesday.
