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After suffering a sharp decline last week, A Weaker US Dollar Allows Metal Recovery including Gold. Prices were able to post a recovery as the US Dollar rally took a pause and softened somewhat. The release of the latest FOMC meeting minutes this week confirmed that most members foresee that a further increase in rates will “soon” be warranted if the economic outlook progresses as expected. However, the minutes took a dovish turn as they revealed less encouraging discussions around inflation. Members debated whether inflation was progressing as it should and noted that there was “little evidence” of overheating in the labour market. The lack of optimism around inflation has been a clear sticking point for the market which has taken it as a sign that the Fed is no longer confident in achieving and maintaining 2% inflation in the horizon term.
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