Gold price hovers around the 50-day SMA as traders eye flash PMIs

Share:

• Gold remains stable within the $2020-30 range following the Fed’s latest monetary policy insights.
• US Treasury yields and the Dollar show minimal reaction to Fed’s commitment to inflation targets.
• Market anticipates potential rate adjustments in June, after the release of the latest FOMC meeting minutes.

Gold price is virtually unchanged after the US Federal Reserve (Fed) released January’s meeting minutes, which reassured market participants that the Fed is in no rush to cut rates in the near term. Even though that could be seen as “hawkish,” US Treasury bond yields remained within familiar levels at the release, while the Greenback (USD) edged down by 0.04%. The XAU/USD trades within the $2020-30 range, at the time of writing.