Gold prices unchanged on the day, find little support from Fed Minutes
(Kitco News) - Gold prices continues to hold support above $1,800 as the precious metal finds little support from the Federal Reserve.
The minutes from the November Federal Reserve monetary policy meeting showed that while committee members are concerned about the health of the global economy, they were not ready to implement new stimulus measures.
“While participants judged that immediate adjustments to the pace and composition of asset purchases were not necessary, they recognized that circumstances could shift to warrant such adjustments. Accordingly, participants saw the ongoing careful consideration of potential next steps for enhancing the Committee’s guidance for its asset purchases as appropriate,” the minutes said.
“Participants generally saw the current pace and composition as effective in fostering accommodative financial conditions. Participants noted that the Committee could provide more accommodation, if appropriate, by increasing the pace of purchases or by shifting its Treasury purchases to those with a longer maturity without increasing the size of its purchases,” the minutes added.
The minutes have had little impact on gold prices, as the market tries to hold on to critical support and attract new buying interest. December gold futures last traded at $1,806.20 an ounce, roughly flat on the day.