Gold tallies 4th straight daily gain ahead of Fed meeting minutes

04/01/2023 Argaam

Gold prices scored a fourth straight daily gain today, Jan. 4, ahead of the release of the US Federal Reserve’s December meeting minutes.

 

The US Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) contracted last December — the first month that ISM data showed the overall economy shrank since May 2020, as per a report published today.

 

The Fed will release the minutes of its latest meeting later in the day, providing clues on the Federal Open Market Committee (FOMC) members' view of the coming monetary policy stance.

 

Upon settlement, gold futures for February delivery surged 0.7%, or $12.90, to reach $1,859 an ounce.

 

The US dollar index, which gauges the greenback's strength against a basket of six currencies, shed 0.2% to 104.284 points at 9:42 pm Makkah time.

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