2026.02.1819:26:01UTC+00Gold Extends Gains After Minutes

Gold climbed above $4,990 per ounce on Wednesday, extending its advance as investors parsed the latest FOMC minutes and adjusted their expectations for US monetary policy. The minutes highlighted a divided committee: some participants indicated they would consider rate cuts if disinflation continues, while others favored holding rates steady or even tightening further should inflation remain stubborn. Fed Governor Michael Barr signaled a preference for keeping rates on hold for an extended period, whereas Chicago Fed President Austan Goolsbee suggested that cuts could become appropriate later if the data warrant them.

Although the Fed left its benchmark rate unchanged at 3.5%–3.75% and warned that progress toward the 2% inflation target may be slower and more uneven than previously expected, markets are still pricing a data-dependent trajectory that preserves the possibility of easing later this year. This policy uncertainty has underpinned gold’s attractiveness as a hedge against central bank missteps and broader macroeconomic risks, even as improved risk appetite in equity markets and ongoing geopolitical negotiations have slightly reduced the immediacy of safe-haven demand.