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Precious metals have had a very changeable week as a combination of factors have driven flows in both directions. Ultimately, price was contained within the ongoing 1481.93 – 1522.75 range which has framed price action over the last five to six weeks.

The FOMC minutes helped underpin gold as, despite the division among policymakers, the fed cited a concerned outlook for the US economy. While some members voted against a rate cut, others were in favour of a larger rate cut. With many in the fed noting that recessionary risks in the US have increased notably over recent months.

Looking ahead, the outlook remains subdued given the downturn in global growth and ongoing trade tensions with China. The market is pricing in one further rate cut this year most likely in December. Though the prospect of an October rate cut is now receiving greater attention. USD was down heavily in response to the minutes release which helped buoy gold prices.

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