Gold rate slipped on the MCX in early deals on Thursday, February 19, amid a stronger dollar after the minutes of the US Fed’s last policy meeting showed policymakers are divided over their next step on interest rates.
The dollar index rose to 97.73, hitting its highest level in more than a week, making greenback-backed bullion expensive for buyers in overseas currencies.
The minutes of the US Fed’s January meeting showed that officials are divided on the path ahead. Some of them see scope for further easing if inflation cools, while others are ready to tighten policy should price pressures persist.
According to CME’s FedWatch Tool, markets now expect three 25-basis-point rate cuts this year.
(This is a developing story. Please check back for fresh updates.)
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