Dollar rally sets gold back as markets await Fed minutes

Dollar rally sets gold back as markets await Fed minutes

Some Fed members argued the USA central bank can afford to "be patient" before raising rates again, according to minutes of the July meeting that also showed policymakers remained befuddled by weak inflation that has persisted despite historically low unemployment.

That came after Federal Reserve Bank of Dallas President Robert Kaplan said Friday that he wanted to "see more evidence" of firming inflation before raising interest rates.

Indexes closed off their highs on Wednesday following Trump's decision to disband two business councils after several chief executives quit in protest over his remarks on white nationalists.

She said there is roughly an equal chance that the Fed is forced to raise rates more or less aggressively than now planned in the months and years ahead.

While most members saw inflation come back to two percent in the medium term, "many...saw some likelihood that inflation might remain below two percent for longer than they now expected, and several indicated that the risks to the inflation outlook could be tilted to the downside".

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Elsewhere, Australian wage growth matched estimates in the second quarter, rising 0.5 percent from the previous three-month period and 1.9 percent from a year earlier.

USA crude CLc1 was about 0.2 percent higher at $46.88 a barrel, failing to make up most of Wednesday's 1.6 percent slide.

Australia's benchmark S&P/ASX 200 index rose 0.20%, as gains in the materials and health care sub-indexes were balanced by losses in the energy and telecommunication services sub-indexes. The benchmark German 10-year yield was down almost two basis points to 0.42%, coming off Wednesday's high of 0.47%. Treasury bonds were stronger, the dollar reversed early strength to finish lower, gold gained 0.3%, and oil fell 1.6% to extend its recent weakness. Most other eurozone yields fell one to two basis points.

In commodities, oil prices edged up but remained close to a 3-1/2 week low touched on Wednesday as rising US production offset a decline in stockpiles by the most in a year. This morning the spot price was down to $1,270.31 while Tuesday saw gold for December delivery lose $10.70, or 0.8%, to move to $1,279.70. Out of eleven, seven of the major S&P sectors were higher with.SPLRCM 0.46% rise leading the advancers.

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