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Gold prices trimmed some losses on Wednesday after Federal Reserve minutes showed that most U.S. policymakers expect another interest rate hike before the end of the year, reinforcing concerns over higher borrowing costs.
Spot gold fell 1.8% to $4,137.43, while gold futures declined by the same percentage to $4,113.76 as of 14:34 ET (18:34 GMT). The precious metal remained under pressure as the U.S. dollar strengthened following the Fed minutes.
Minutes from the Federal Reserve’s September meeting showed that most policymakers anticipate another rate increase this year. At that meeting, the Federal Open Market Committee unanimously raised the federal funds rate by 25 basis points to a 3.75%-4.00% range, marking its first hike in more than three years.
The Fed’s updated projections also indicated that a majority of officials expect at least one additional rate hike in 2026. Policymakers remain focused on bringing inflation closer to the central bank’s 2% target, with higher energy prices linked to the Iran war adding to inflationary pressure.
The U.S. dollar index rose 0.4% to 102.26. A stronger dollar typically weighs on gold prices because it makes bullion more expensive for buyers using other currencies.
Expectations for an October rate hike have nevertheless weakened. Several Fed officials have played down the urgency of another immediate increase, while weaker-than-expected U.S. employment data could encourage policymakers to avoid tightening monetary policy too aggressively.
Higher interest rates generally create headwinds for gold because they increase the opportunity cost of holding non-yielding assets. Gold has also been giving back gains after a month-long 17% rally from around $4,000 that began in late July.
However, central bank demand continues to provide underlying support. ING analysts cited World Gold Council data showing central banks remained net gold buyers in August, purchasing 39 tonnes. That brought total central bank gold purchases for the year to 170 tonnes.
