Gold prices rose on Thursday after the minutes of the Fed’s early-November policy meeting showed a “substantial majority” of Fed officials supported slowing down the pace of interest rate hikes at upcoming meetings.
Spot gold rose 0.4 percent to $1,756.71 per ounce, while U.S. gold futures were up 0.6 percent at $1,756.75.
A slower pace of rate hikes would better allow the Fed to assess progress toward its goals of maximum employment and price stability, the FOMC meeting minutes said.
Bond yields took a hit and the dollar weakened on improved risk sentiment as investors factor in a 50-basis-point lift at the Fed’s December meeting after from four straight 75-point hikes.
At 7.30 am ET, the European Central Bank is scheduled to publish the account of the monetary policy meeting of the Governing Council held on October 26 and 27.
U.S. markets will be closed on account of the Thanksgiving holiday.