Forex
Gold Rebounds on Weakening Dollar Ahead of FOMC Minutes
The price of gold has recovered from its weekly low and is trading above $4,350 after the US Dollar softened ahead of the release of FOMC Minutes.
The dollar's weakening has helped the non-yielding metal reverse some of its losses from the previous day. However, traders are still cautious about placing fresh bets on gold due to ongoing inflationary concerns and geopolitical uncertainties.
In particular, crude oil prices have surged to a nearly three-week high amid rising tensions between the US and Iran over the Strait of Hormuz. This has fueled inflation concerns and lifted the 30-year US bond yield to its highest level since June 2007.