Gold prices traded marginally lower on Wednesday as traders awaited the release of minutes from the Federal Reserve’s most recent policy meeting to see if it might support another leg higher for the yellow metal.
Price action
-
Gold prices for December
GC00,
+0.09% GCZ22,
+0.09%
delivery fell $3.10, or 0.2%, at $1,736 per ounce on Comex. -
Silver prices for December
SIZ22,
+1.24%
delivery rose 12 cents, or 0.6%, to $21.17 per ounce. -
Palladium prices for December
PAZ22,
+1.02%
delivery rose $23.50, or 1.3%, to $1,881 per ounce, while January platinum prices
PLF23,
-0.42%
shed $2.90, or 0.3%, at $992 per ounce. -
Copper prices for December delivery
HGZ22,
-0.03%
were flat at $3.61 per pound.
What’s happening
Gold prices have staged a modest rebound in recent weeks, and Wednesday’s minutes from the Fed’s November meeting could provide a catalyst for gold to take another leg higher, or perhaps even knock it down, said Craig Erlam, senior market analyst at OANDA.
“Gold appears to have established a range over the last week or so, with the upper end falling around $1,780 — a major area of support in the first half of the year — and the lower around $1,730 — a major barrier of resistance in September and October. The FOMC minutes may determine which of these levels gives way first and whether gold can build on its recovery rally this month after such a long period of declines,” Erlam said.
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