(Kitco News) – The gold market remains near session lows even as the Federal Reserve signaled that it will continue to maintain its ultra-loose accommodative policies as uncertainty continues to dominate economic growth, according to the minutes of last month’s monetary policy meeting.
“Participants agreed that the path of the economy depended significantly on the course of the virus and progress on vaccinations.
Many participants remarked that the pandemic continued to pose considerable risks to the economic outlook, including risks associated with new virus strains, potential public resistance to vaccination, and potential difficulties in the production and distribution of vaccines,” the minutes said.
Gold is seeing little reaction to the minutes from the Federal Reserve’s January meeting. Gold prices are trading near their lowest levels since November. April gold futures last traded at $1,773.30 an ounce, down 1.4% on the day.
Economists note that the latest minutes don’t reveal a lot of new information on the future path of monetary policy.