Gold firm in early 2023 trade
Gold closes 2022 flat
Minutes of the FOMC meeting became the focus
Gold traded firmer on Tuesday, with investors focused on the release of the minutes of the FOMC meeting early Thursday morning.
Looking at price action in the Asian session, gold rose to $1,838 an ounce, a 7-month high. Meanwhile, gold futures were stronger at around $1,843 per ounce.
The price reversal in US dollar trading seems to be giving impetus to gold to extend the consolidation.
The currency king initially rose at the opening of the Asian session alongside the safe-haven yen, but it pared gains shortly afterwards.
Investors are now turning their attention to the minutes of the FOMC meeting for new clues on the next direction in the Federal Reserve's (Fed) monetary policy setting.
Also in focus is the release of US NFP employment data to determine the health of the labor market and the economy in the country after a series of aggressive Fed tightening.
Meanwhile, the yellow metal closed flat in late 2022 trading following a nearly 9% gain in the fourth quarter.
