Gold price holds just above $1,850 as Fed minutes reveal worry about 'misperception' and 'unwarranted' easing Fed minutes gold
The gold market was able to hold on to some of its daily gains following the release of the Federal Reserve's December meeting minutes, with price trading above the $1,850 an ounce level.
"Participants noted that, because monetary policy worked importantly through financial markets, an unwarranted easing in financial conditions, especially if driven by a misperception by the public of the committee's reaction function, would complicate the committee's effort to restore price stability," stated the minutes of the Federal Open Market Committee's December 13-14 meeting.
"A number of participants emphasized that it would be important to clearly communicate that a slowing in the pace of rate increases was not an indication of any weakening of the Committee's resolve to achieve its price stability goal or a judgment that inflation was already on a persistent downward path," the minutes said.
The minutes revealed that officials recognize the"significant progress" made after rates climbed by 425 basis points in 2022 and worry about the potential risk of over-tightening.
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