Investing.com– Gold prices rose sharply on Tuesday, tracking a weaker dollar and Treasury yields as markets priced in no more rate hikes from the Federal Reserve, with the minutes of central bank’s recent meeting now due later in the day.
Among industrial metals, copper prices sat on strong gains amid improving sentiment towards major importer China, while disruptions at major mines in Peru and Panama also pointed to tighter supplies.
Gold has been on a tear in recent sessions, with prices once again trading just below the $2,000 an ounce level as the prospect of a pause in the Fed’s rate hike cycle pointed to easing pressure on the yellow metal.
rose 0.7% to $1,992.17 an ounce, while expiring in December rose 0.7% to $1,994.00 an ounce by 00:06 ET (05:06 GMT).
Fed minutes awaited, but rate hikes seen no more
Markets were now focused squarely on the of the Fed’s October meeting, which were due later on Tuesday.
While the central bank is expected to reiterate its stance on higher-for-longer rates, a slew of weak inflation and labor readings saw traders betting that the Fed had little room to push rates higher.
showed that traders were…
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