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Gold prices fall as FOMC minutes show Fed still looking to raise interest rates in 2023

Kitco Media
By Neils Christensen
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(Kitco News) - Gold prices is seeing some modest selling pressure, giving up resistance at $1,930 an ounce after the Federal Reserve continues to signal that it will continue to raise interest rates even after pausing last month, according to the minutes from the June monetary policy meeting.

The minutes shows that almost all committee members “judged that additional increases in the target federal funds rate during 2023 would be appropriate.”

Although gold prices have seen increased selling pressure in rection to the hawkish minutes, the selloff has been subdued. August gold futures last traded at $1,923.70 an ounce, down 0.3% on the day.

Kitco Media

Neils Christensen

Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.com @KitcoNewsNOW

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