Gold slips to 1-1/2 week low, below $1,770 before FOMC minutes

 

On Wednesday, gold draws new selling in the $1,782 area, declining for a third consecutive day. Through the early North American session, the intraday selling trend persisted unabatedly, pushing the XAU/USD to a one-and-a-half-week low in the penultimate hour, in the $1,765–$1,764 range.

Gold prices decline for the third day in a row, reaching a low that surpasses one week on Wednesday. Rising US bond rates and hawkish Fed predictions support the USD and put some pressure on it. The risk-off sentiment does not help the safe-haven XAU/USD before the FOMC minutes.

One primary reason for reducing demand for dollar-denominated gold is the US dollar, which is increasing and getting closer to the monthly high set the day before. Investors seem to be confident that the Fed will maintain its program of tightening monetary policy despite signals of slowing US inflation. The US Retail Sales numbers released on Wednesday, which were primarily positive, confirm market predictions and continue to support the dollar.

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