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Gold Rebounds As Growth Worries Resurface

Gold held steady on Thursday after suffering hefty losses in the previous session on the back of a strengthening dollar.

Spot gold edged down 0.1 percent to $1,926.02 per ounce, after having fallen mover 3.5 percent to a near one-week low on Wednesday. U.S. gold futures for December delivery were down nearly 2 percent at $1,931.60.

The dollar inched up against rival currencies after the U.S. Federal Reserve minutes highlighted the uncertainties surrounding economic recovery from a pandemic-induced slump.

The minutes of the Fed’s July meeting noted that the coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world, and that economic activity as well employment remain well below their levels at the beginning of the year.

The lack of inflationary comments from the Fed, downbeat economic outlook and negative comments about yield curve control triggered a retreat in global equities.

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