* Minutes from the US Federal Reserve on Wednesday
* Dollar falls to low one week
* Palladium up 2.3%
* Interactive graphical tracking worldwide spread of coronavirus: open in an external browser
(Updates prices) By Nakul Iyer Aug 17 (Reuters) – Golden rose on Monday, consolidating around the $ 1,950 mark after slipping 4.5% last week, buoyed by a weaker dollar as investors wait for the fine print the US Federal Reserve’s strategy to reduce the economic toll of coronavirus. Spot gold rose 0.6% to $ 1,954.74 an ounce by 1157 GMT and US gold futures rose 0.7% to $ 1,963.00. Gold recorded its biggest decline since March last week when investors resumed positions after bullion retreated from a record high of $ 2,072.50 on August 7th.
“We are seeing a consolidation phase following last week’s sales,” said ActivTrades chief analyst Carlo Alberto De Casa, adding that “interest in gold continues to increase”.
The market is trying to find a new balance, but signs of further devilish central banking policies and a move above $ 1,960 could provide room for further meetings, he said.
Coronavirus cases, meanwhile, have continued to rise worldwide, particularly in the United States and India, casting a shadow over hopes of an economic recovery. Also supporting gold, the dollar fell to a low of more than one week, making the yellow metal cheaper for those holding other currencies. The minutes of the Fed’s last policy meeting are due on Wednesday, with markets looking for hints of a possible change to their guidance at their next review in September “If Anything Strong (from the Fed)” , more than anything already priced in “, gold could rise again to $ 2000,” said Carlo of ActivTrades. “Unusual global stimulus measures in response to COVID-19 pandemic, causing fears of inflation and currency “Currency, gold prices have helped climb more than 28% this year. While the outlook remains constructive for gold, there are indications that the recent correction could have room to turn in the short term,” said analyst Kyle Rodda. of IG Markets.In other precious metals, silver rose 2% to $ 26.93 an ounce, platinum rose 2.1% to $ 955.54 and palladium rose 2.3% to $ 2,157.68.
(Report by Nakul Iyer and Harshith Aranya in Bengaluru Edited by David Goodman)
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