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Gold Broadly Supported After Fed Minutes

Published on Apr 08, 2021 12:23

COMEX Gold futures edged up modestly, hitting near $1740 per ounce in the US session as the US 10 year bond yields stayed near one week low of 1.65%. Yields stayed weak after minutes of the last US Federal Reserve meeting. The minutes revealed that the COVID-19 pandemic was causing tremendous human and economic hardship across the United States and around the world. Following a moderation in the pace of the recovery, indicators of economic activity and employment had turned up recently, although the sectors most adversely affected by the pandemic remained weak. Inflation continued to run below 2%.

Overall financial conditions remained accommodative, in part reflecting policy measures to support the economy and the flow of credit to US households and businesses. Participants noted that the path of the economy would depend significantly on the course of the virus, including progress on vaccinations, and that the ongoing public health crisis would continue to weigh on economic activity, employment, and inflation and posed considerable risks to the economic outlook. Participants observed that the pace of the economic recovery had picked up recently and that the economy continued to show resilience in the face of the pandemic.

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