20.08.202518:14:45UTC+00Gold Holds Gains After FOMC Minutes

Gold continued its upward momentum on Wednesday, trading above $3,345 per ounce after the release of the latest Federal Open Market Committee (FOMC) minutes. This rise is underpinned by the anticipation of a possible rate reduction in September and a weakened US dollar, which has spurred increased global demand. The minutes from the Federal Reserve's July meeting revealed a split among officials; while most agreed that it was still premature to lower rates, there were growing concerns about inflation and a declining labor market. Notably, two governors dissented by advocating for a rate cut, marking the first instance of multiple-governor opposition to a policy decision in over thirty years. Additionally, investors are keenly awaiting Federal Reserve Chair Jerome Powell's forthcoming address at Jackson Hole for further insight into future monetary policy directions. Current market forecasts suggest an 85% likelihood of a rate cut in September, bolstering positive sentiment towards gold.