All eyes on Fed minutes

Gold was sideways as the market awaited the Fed’s minutes and U.S. personal spending data to see how much it would raise interest rates after the Fed’s latest hawkish comments. Gold was sidelined around $1,840 an ounce as investors awaited clues on how much the Fed will raise interest rates to rein in inflation. The precious metal is set to fall for the first monthly loss since October after strong U.S. employment and inflation data, along with hawkish comments from officials, raised the prospect of further tightening. The minutes of the Fed’s latest meeting are due to be released on Wednesday, followed by personal spending data on Friday. “Gold was steady as investors considered the Fed’s next move. This came after the Fed’s latest hawkish comments.” The precious metal had gained in January on expectations that the Fed would end its rate-hiking cycle soon after U.S. data suggested inflation was slowing. Gram gold had also broken records in domestic markets. However, despite the market pricing in the opposite direction, Fed officials had warned that the fight against inflation was not nearing its end and that interest rates would have to remain high for a long time.