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Gold Prices Fall as Fed Reveals No Plan for Series of Rate Cuts

Investing.com - Gold prices fell on Thursday as traders were disappointed the U.S. Federal Reserve did not reveal any plans for a series rate cuts.

Gold futures for December delivery, traded on the Comex division of the New York Mercantile Exchange, fell 0.5% to $1,510.45.

The July meeting minutes showed that the central bank wants to assess more economic data to determine the directions of future monetary policies.

"Members generally agreed that it was important to maintain optionality in setting the future target range for the federal funds rate and, more generally, that near-term adjustments of the stance of monetary policy would appropriately remain dependent on the implications of incoming information for the economic outlook," the central bank said.

It added that most participants viewed the quarter-point policy easing they agreed to in July as “part of a recalibration of the stance of policy, or mid-cycle adjustment” without agreeing to an aggressive follow-through plan of rate cuts.

Fed Chairman Jerome Powell will give a much-anticipated speech on Friday. He is expected to provide further update on the outlook for monetary policy.

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