Gold Holds Week’s Gains as Fed Minutes Eyed Amid Dollar Strength
(Bloomberg) -- Gold held its advance this week as investors eyed Federal Reserve minutes to be released on Wednesday, while the dollar stayed near the strongest level in more than a decade.
Bullion for immediate delivery traded little changed at $1,077.23 an ounce by 11:05 a.m. in Singapore, according to Bloomberg generic pricing. The metal climbed 1.6 percent in the past two days.
The Bloomberg Dollar Index, which tracks the currency against major peers, traded near the highest level since at least 2005 after increasing 1.1 percent since Dec. 25 through Tuesday. The Fed is scheduled to release minutes from its December meeting, at which policy makers boosted borrowing costs for the first time since 2006. Traders may get more insights into official thinking on what will drive subsequent rate increases.
“A stronger U.S. dollar crimped investor demand,” Australia & New Zealand Banking Group Ltd. analysts, including Daniel Hynes, wrote in a report.