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Gold drifts down as Fed policy minutes are released

Peter Walden, News Editor
21 Aug 2014, 11:09 a.m.

Gold drifted down as low as £771.04 t/oz this morning as speculation waxed on the US Fed raising interest rates earlier than expected. The minutes from the latest fed policy meeting showed a drop in unemployment figures to 6.2% from 7.3% earlier in the year.

Despite positive employment data, Fed Chairwoman Janet Yellen still believes there is a certain amount of economy labour slack meaning there are “significantly more people willing and capable of filling a job than there are jobs for them to fill”. That said, it seems that the Fed are currently divided on when to start increasing interest rates, with some colleagues pushing for a rise before the June 2015 target in a bid to curb the risk of inflation. However, for now it seems that Yellen and her cohort of policymakers will prefer to wait it out until further economic, labour and inflation data forces their hand.

Gold is currently trading at £772.14 t/oz, silver at £11.665 t/oz and platinum at £857.77 t/oz.

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