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US dollar tumbles as Fed minutes suggest smaller rate hikes ahead, gold rises

24/11/2022 11:53 AM

NEW YORK, Nov 24 (Bernama) -- The US dollar fell sharply in late trading on Wednesday as the Federal Reserve's November meeting minutes showed most officials favoured a slower tightening pace soon, reported Xinhua.

While noting that inflation had still not shown significant signs of abating, "a substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate", said the minutes released Wednesday.

"A slower pace in these circumstances would better allow the Committee to assess progress toward its goals of maximum employment and price stability," the minutes added.

Earlier this month, the US central bank raised interest rates by 75 basis points for the fourth consecutive meeting in an aggressive bid to tame inflation.

The dollar index, which measures the greenback against six major peers, decreased 1.07 per ent to 106.0760 in late New York trading on Wednesday.

The euro rose to US$1.0403 from US$1.0299 in the previous session, and the British pound increased to US$1.2065 from US$1.1884 in the previous session.

The US dollar bought 139.45 Japanese yen, lower than 141.21 Japanese yen of the previous session.

 The US dollar was down to 0.9419 Swiss francs from 0.9523 Swiss francs, and it fell to 1.3360 Canadian dollars from 1.3383 Canadian dollars. The US dollar fell to 10.4586 Swedish Kronor from 10.6440 Swedish Kronor.

In Chicago, gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday as investors waited for the release of the Federal Open Market Committee (FOMC) meeting minutes.

The most active gold contract for December delivery rose US$5.7, or 0.33 per cent, to close at US$1,745.6 per ounce.

Silver for December delivery rose 31.8 cents, or 1.51 per cent, to close at 21.367 dollars per ounce. Platinum for January delivery rose US$1.1, or 0.11 per cent, to close at US$996.8 per ounce.


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