(Bloomberg) — Gold prices advanced after minutes from the Federal Reserve’s last meeting showed that officials last month didn’t expect to raise rates at their next gathering in June.
Many policy makers thought economic data available in June wouldn’t be robust enough to warrant tightening, according to the minutes released Wednesday of the April 28-29 session.
“People are interpreting these minutes as being more dovish than hawkish, and that is supporting gold,” Chris Gaffney, the president at EverBank World Markets in St. Louis, said in a telephone interview.
“Some people are relieved that that the rate hike has been pushed back. Also, the Fed has made it clear it will continue to remain data dependent, so gold will continue to be data-sensitive.”
The metal swung between year-to-date gains and losses more than 10 times in 2015, gyrating as traders tried to gauge the timing of U.S. interest-rate increases.