Gold near 5-month low after Fed minutes

Gold remained flat below $1,900 on speculation that interest rate hikes may continue due to inflation still being too high. After closing below $1,900 for the first time since March, gold remained flat on increasing speculation that Fed officials will extend the interest rate hike cycles due to the inflation threat. Spot gold is traded at $1,895 per ounce. The ounce of gold and gram gold calculated based on the interbank Dollar/TL exchange rate are finding buyers at TL1,650. Quarter gold is being sold at TL2,714, while Republic gold is being sold at TL10,957. While the Fed minutes published on Wednesday show that officials continue to have concerns that inflation will not decline and that further interest rate hikes may be necessary, there are obvious cracks in this consensus. Long-term bond yields approached 2022 highs after the announcement, while a stronger dollar continued to weigh on non-interest-bearing spot gold, rising to a two-month high. The precious metal broke its 200-day average, a key support level, amid surprising resilience in the U.S. economy and fading hopes that interest rates have peaked.