Gold price cheers softer US Dollar as Federal Reserve Minutes spot ‘pivot’ discussions

Gold price benefited from the softer US Dollar as the US Dollar Index (DXY) marked the biggest daily slump in two weeks as the Federal Reserve (Fed) officials discussed the need of slowing down the interest rate hikes. That said, the Greenback’s gauge versus the six major currencies refreshed a one-week low following the latest Federal Open Market Committee (FOMC) Meeting Minutes, defensive near 106.15 at the latest.

In addition to the debate over the softer interest rate hikes, the “sufficiently restrictive” level of the Federal Reserve’s (Fed) interest rates also fuelled the US Dollar and favored the Gold price buyers.

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