Feb 22 (Reuters) - Gold prices inched up on Wednesday,
as investors awaited the minutes of the U.S. Federal Reserve's
latest policy meeting that could offer clues on further interest
rate hikes.
FUNDAMENTALS
* Spot gold was up 0.1% at $1,836.43 per ounce, as of
0056 GMT. U.S. gold futures firmed 0.2% to $1,845.20.
* Investors are awaiting the release of the minutes of the
Fed's latest meeting due at 1900 GMT on Wednesday. The U.S.
central bank had raised rates by 25 basis points (bps) at its
Jan. 31-Feb. 1 meeting.
* Money markets expect the U.S. central bank to raise
benchmark rates above 5% by May and remain above 5% through the
year.
* Bullion is seen as a hedge against inflation, but rising
interest rates dull the non-yielding asset's appeal.
* The dollar index eased 0.1%, making
greenback-priced bullion less expensive for buyers holding other
currencies.
* U.S. business activity unexpectedly rebounded in February,
reaching its highest level in eight months, according to a
survey on Tuesday, which also showed inflation subsiding.
* Benchmark 10-year note yields hit their
highest since November last year.
* Other data on Tuesday showed U.S. existing home sales
dropped to the lowest level in more than 12 years in January,
but the pace of decline slowed.
* Spot silver edged 0.2% higher to $21.86 per ounce,
platinum rose 0.1% to $943.67 and palladium firmed
0.3% to $1,530.36.
DATA/EVENTS (GMT)
0500 Japan Chain Store Sales YY Jan
0700 Germany HICP Final YY Jan
0745 France Business Climate Mfg, Overall Feb
0900 Germany Ifo Business Climate New Feb
0900 Germany Ifo Curr Conditions New Feb
0900 Germany Ifo Expectations New Feb
1900 US Federal Open Market Committee issues minutes
from its meeting of Jan. 31-Feb. 1
(Reporting by Kavya Guduru in Bengaluru; Editing by Rashmi
Aich)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.