Gold prices were steady on Wednesday, July 3, as investors awaited the minutes of the U.S. Federal Reserve's latest policy meeting for clues on when the bank will start cutting interest rates.
Spot gold was little changed at $2,329.66 an ounce, while U.S. gold futures gained 0.2% to $2,338.70.
Chairman of the US Federal Reserve:
- Inflation may return to 2% levels late next year or the year after.
We are currently seeing the effects of higher interest rates on the housing sector.
US Federal Reserve Minutes
The minutes of the US Federal Reserve's meeting are due at 18:00 GMT, and Chairman Jerome Powell said yesterday that the Fed still needs more data before cutting interest rates to ensure that recent declining inflation readings reflect the true picture of efforts to control prices.
Other precious metals
Among other precious metals, spot silver rose 0.3% to $29.60 an ounce, platinum rose 0.6% to $996.70 an ounce, and palladium fell 0.5% to $1,016.34 an ounce.
