Bengaluru — Gold prices held steady near a four-month high on Wednesday, helped by a weaker dollar, ahead of minutes from the US Federal Reserve’s last policy meeting that are expected to shed more light on policymakers’ view on inflation.
“Gold surged aggressively since the start of the week around the narrative that we could see inflation pickup in an environment where the Fed is resistant to tightening,” DailyFX currency strategist Ilya Spivak said. “Against that backdrop, we’ve seen stronger commodity prices in general and a weaker dollar. Certainly the price of gold has been a notable reflection of that.”
Concerns over rising inflation intensified after US consumer prices in April rose 4.2% year on year, the fastest increase in more than a decade.
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