Gold rises in price after release of Fed meeting’s minutes

11:30 | 24.11.2022
Gold prices rose on November 24 morning after the publication of the minutes of the last meeting of the US Federal Reserve System (FRS), reported from the auction data.

December futures for gold on the New York Comex rose $10.35, or 0.59%, to $1,755.95 a troy ounce. December silver futures rose 1.19% to $21.622 an ounce.

On November 23 evening, the Fed published the minutes of the last November meeting. The document indicated that the regulator considers it expedient to slow down the rate of increase in the discount rate soon.

This was followed by a weakening of the US currency. The euro against the dollar rose to $1.0434 from the previous closing level of $1.0395, the dollar against the yen decreased to 138.78 yen from 139.59 yen. The dollar index (the exchange rate against a basket of currencies of six US trading partners) fell by 0.29%, to 105.77 points.

The Federal Reserve has already raised the discount rate six times since the beginning of the year due to high inflation. Since the beginning of the year, the indicator has not fallen below 7.5% with a target level of 2%. Although annual inflation is now slowing down from a peak of more than 9% to 7.7% in October, the regulator remains concerned about the pace of price growth.

A cheaper dollar makes gold more accessible to holders of other currencies.
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