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Fed minutes and gold price

Gold prices faced some selling pressure on Wednesday. The potential for further gains in gold may be limited due to the FOMC minutes being interpreted as more hawkish than previous releases.

The US Fed's cautious stance on maintaining its restrictive policy for an extended period strengthens the Greenback and adds selling pressure on gold.

Gold traders will be closely monitoring the preliminary May readings of the US Manufacturing and Services Purchasing Managers Index (PMI).

 A weaker PMI could spark hopes for Fed rate cuts and provide support for gold. Additionally, geopolitical tensions, uncertainties, and persistent inflation may support the precious metal and limit its downside in the near term.

Dr. Kamaran Qader Yaqub,
Financial Consultant at Investment Spot company. 

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