Washington, DC – Gold prices rose on Wednesday, supported by a significant decline in US Treasury yields. Investors are closely awaiting the release of the minutes from the Federal Reserve’s July meeting. Spot gold climbed 0.5% to $4,356.55 per ounce, partially recovering from a nearly 2% drop in the previous trading session on Tuesday. Meanwhile, US gold futures edged down 0.2% to settle at $4,410.20 per ounce.
On the monetary policy front, data from the Chicago Board of Trade’s Interest Rate Monitor indicates that markets are pricing in a 64% probability that the Federal Reserve will leave interest rates unchanged at its September meeting. Conversely, there is only a 36% probability that the Fed will raise rates.
In other precious metals markets, performance was mixed. Silver prices fell 0.4% to $63.03 per ounce, while platinum rose 0.5% to $1,720.10. Palladium remained unchanged at $1,289.45 per ounce. This comes amid widespread anticipation from traders of the release of economic data and the minutes of the upcoming US monetary policy meeting.
