Weak dollar support for gold

Gold gained ground on Asian markets as the dollar weakened and investors awaited the Fed’s minutes, which could offer clues about the path of rate hikes, on Wednesday. Gold gained ground on Asian markets as the dollar weakened and investors awaited the Fed’s minutes, which are due to be released on Wednesday, for clues about tightening monetary policy. Spot gold has been under pressure this year from the Fed’s aggressive rate hikes. On Monday, signs that China could impose more zero-COVID restrictions buoyed the dollar, while gold fell. “The Fed’s continued hawkish stance is likely to keep gold prices at a certain level,” said Daniel Hynes and Soni Kumari, commodities strategists at Australia & New Zealand Banking Group, in a note. The pair said the precious metal is likely to continue its downtrend and fall below $1,700 in the short term.