The yellow metal market moved slightly higher as the US Treasury yield report declined, although the US dollar strengthened against its other trading partners.
Trade developments continue to determine the direction of the market, while the latest minutes showed that officials are still considering a rate cut in 2025.
At 9.30 am, gold prices were at $3,322.63, up 0.29% since it opened in early trading Thursday in the Asian session.
The Fed minutes showed that most of its officials saw a rate cut this year as appropriate, with some expecting it to happen at the July meeting if the data develops as predicted.
In addition, the White House has announced official tariffs on several of its trading partners, such as the Philippines, Moldova, Algeria, Iraq, Libya, Brunei and Sri Lanka. The setting is around 20% to 30% on the countries.
On Wednesday, US President Donald Trump stressed that he would impose an additional 10% tariff on countries that align themselves with the ‘anti-American’ policies of the BRICS.
Data from the Chicago Board of Trade revealed that market players expect 50 basis points of easing in 2025.
