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The yellow metal has enjoyed a better week against the US dollar as the greenback has weakened once again. Following on from the prior FOMC meeting minutes, where some members raised the prospect of a rate hike in the remaining months of the year, bulls were quietly hoping for more of that discussion.

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However, USD was sold sharply as the meeting minutes failed to provide any indication that a rate hike will be coming in 2019. The minutes showed that “In light of recent, softer inflation readings, some viewed the downside risks to inflation as having increased”.  In terms of the outlook for future rate adjustments, the minutes concluded that “a patient approach to determining future adjustments to the target range for the federal funds rate would likely remain appropriate for some time.”

On the other hand, the minutes were good news for gold buyers. It looks as though unless things dramatically improve, w...

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