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US spot gold price retreats further from monthly peak

Gold price ticks lower after the FOMC meeting minutes struck a more hawkish tone.Subdued US Dollar price action could lend some support and help limit further losses.Repeated failures to find acceptance above the $2,000 mark warrant caution for bulls.

Gold price (XAU/USD) extends the overnight modest pullback from the $2,007 area, or the vicinity of a multi-month peak, and remains depressed below the $2,000 psychological mark through the Asian session on Wednesday. The minutes from the Federal Reserve’s most recent policy meeting held on October 31-November 1 struck a hawkish tone and revealed that officials remain committed to tightening policy further if progress in controlling inflation falters. This, in turn, is seen as a key factor driving flows away from the non-yielding yellow metal.

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