Home Business News Gold Up Ahead of Fed Meeting Minutes, U.S. Inflation Data By Investing.com

Gold Up Ahead of Fed Meeting Minutes, U.S. Inflation Data By Investing.com

Gold Up Ahead of Fed Meeting Minutes, U.S. Inflation Data By Investing.com


© Reuters.

By Gina Lee

Investing.com – Gold was up on Wednesday morning in Asia, steadying ahead of the and inflation data. Both the minutes and the data will be analyzed for clues as to the central bank’s timeline for asset tapering.

were up 0.18% to $1,762.55 by 9:47 PM ET (1:47 AM GMT).

Inflationary pressures are lasting longer than expected, according to Fed Bank of Atlanta President , and it is inappropriate to describe the rise as transitory. Meanwhile, Vice Chairman Richard Clarida said that the conditions required for the Fed to begin asset tapering have “all but been met.” Clarida’s comments widened expectations that the Fed will begin asset tapering as scheduled in November 2021.

With increasing inflationary pressures globally, markets are pricing aggressive interest rate hikes, largely betting that monetary policy will be tightened sooner and at a faster rate than currently indicated.

The global economic recovery from COVID-19 is being disrupted by ongoing supply chain snarls and inflationary pressures, according to the International Monetary Fund, as it cut growth outlooks for the U.S. and other major industrial powers.

The U.S. was 10.44 million in August, a record high and indicative of a tightening labor market.

In Asia Pacific, China will release trade data, including , and , later in the day. Inflation data, including the and price indexes, are due on Thursday.

In other precious metals, silver and palladium inched up 0.1%, while platinum inched down 0.1%.

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