Gold prices began to slowly creep back up in early trading this week as the markets wait on the minutes from the latest FOMC meeting, which are due to be released this afternoon (Wednesday).
It’s been a mixed bag on the global economic stage, with some expecting the Feds to delay rate cuts in the USA until June, but other countries such as Canada signalling that they are now ready to begin winding down higher interest rates. With the news that the United Kingdom’s economy has lapsed into recession, the Bank of England may also be pushed to take action within the next few months.
During trading yesterday, the yellow metal received a boost on confirmation that China will cut its mortgage rates while the dollar index faltered, and further tensions in the Red Sea also sparked fears that the Middle East crisis will continue to escalate.
While there are no major moves either up or down as all eyes await news from the Federal Reserve, it’s the perfect moment to capitalise on the relative calm and add gold to your portfolio.
