Gold price today November 20: Growth slows down after Fed meeting minutes

Gold prices' gains in Wednesday's trading session slowed down after the Fed released the minutes of its latest meeting, while the market continued to wait for important economic data for more clues on the path of US interest rates, according to Reuters.

Spot gold rose 0.2% to $4,073.79 an ounce by 2:25 p.m. ET (1925 GMT), after rising more than 1% earlier in the session. U.S. gold futures for December delivery rose 0.4% to $4,082.80 an ounce.

Minutes of the October 28-29 meeting showed that the US Federal Reserve (Fed) cut interest rates amid mixed internal opinions, even as policymakers warned that lower lending rates could undermine efforts to curb inflation - which has been maintained above the 2% target for 4.5 years.

Fed Chairman Jerome Powell also emphasized at a press conference later that the interest rate cut at the December 9-10 meeting was not necessarily a "foregone conclusion".

Edward Meir, an analyst at Marex, said the Fed minutes are now just for reference. What is more important is to monitor developments in December, and the Fed needs more data to make a decision. The Fed will have more data "dripping" and that is the focus of the market.

CME's FedWatch tool shows traders are now pricing in just a 30% chance the Fed will cut interest rates in December.

US President Donald Trump continues to criticize Fed Chairman Powell for not cutting interest rates faster.

Non-yielding asset gold typically benefits when interest rates are low and during times of economic uncertainty.

The market is awaiting the September jobs report due out on Thursday, which was delayed due to the recent US government shutdown .

Meanwhile, the US Bureau of Labor Statistics said the October jobs report will not be released because the shutdown affects the agency's collection of household survey data .

Data released Tuesday showed the number of Americans receiving unemployment benefits was at a two-month high in mid-October.

Spot silver rose 0.7% to $51.05 an ounce; platinum rose 0.7% to $1,543.12 an ounce; and palladium fell 1.6% to $1,378.

Quang Trung

Source: https://baoninhbinh.org.vn/gia-vang-hom-nay-2011-da-tang-chung-lai-sau-bien-ban-hop-fed-251120052909619.html