Gold price shakes off tapering concerns from Fed minutes

Gold prices steadied near the highest level in more than four months as investors assessed the minutes from the US Federal Reserve’s April meeting, which flagged the possibility of a debate on scaling back asset purchases.

“A number of participants suggested that if the economy continued to make rapid progress toward the committee’s goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases,” according to the Fed minutes published Wednesday. Treasury yields and the dollar rose after the release.

In a press conference following last month’s meeting, Chair Jerome Powell had said it was premature to start talking about tapering.