The minutes of the recent Federal Reserve meeting showed that officials did not express any inclination to reduce interest rates in the near term, especially as inflation remains above the target. They agreed to proceed “cautiously” and raise interest rates only if progress in curbing inflation weakens.
Gold prices rose to their highest levels in three weeks at $2007 per ounce.
Oil prices varied at yesterday’s close amid investor caution ahead of the upcoming OPEC+ meeting next Sunday. The meeting may discuss increasing supply cuts due to the global economic slowdown.