Gold Steadies Ahead of Fed Minutes, Copper Slammed By China Fears
Gold prices hovered around six-month highs on Wednesday, cutting short a recent rally as traders bought back into the dollar in anticipation of more cues on monetary policy from the minutes of the Federal Reserve’s December meeting. The yellow metal marked a strong start to the new year as concerns over a looming recession and a potential slowdown in U.S. interest rate hikes led to increased demand for safe havens apart from the dollar. But the greenback recovered some lost ground on Wednesday, benefiting from uncertainty over the upcoming Fed minutes. Markets will be waiting to see if the members of the central bank supported a further easing in interest rate hikes during the December meeting, given that several inflation indicators showed that U.S. price pressures have likely peaked. Mar...