Spot Gold held mostly steady near the $3,300 mark on Wednesday, following a steep loss in the prior trading day, ahead of the FOMC minutes release.
Yesterday the yellow metal retreated more than 1%, as the US Dollar rebounded from a one-month low and risk sentiment improved, weighing on safe-haven metals.
US consumer sentiment rebounded sharply in May, with the Conference Board’s Consumer Confidence Index advancing to 98.0 from 86.0 in April. Optimism among consumers showed signs of strengthening as perceptions of both present conditions and future expectations turned more positive.
The Present Situation Index gained 4.8 points, reaching 135.9 and reflecting better ratings of ongoing business and labor market conditions. The Expectations Index, which captures consumers’ view on short-term income prospects and employment, showed even stronger momentum, as it rose 17.4 points to 72.8.
Also, US President Donald Trump’s decision to delay tariffs on EU imports eased worries over trade tension escalation.
On the monetary front, Minneapolis Fed President Neel Kashkari said on Tuesday that interest rates should be kept on hold until there is more clarity on how higher tariffs impact inflation.
Market focus now sets on the minutes of the Federal Reserve’s May meeting, due later today, for clues over US economic outlook and monetary policy trajectory.
Spot Gold was last up 0.15% on the day to trade at $3,305.57 per troy ounce.
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