2026.02.1901:23:48UTC+00Gold Slips as Fed Path Mulled

Gold edged down to about $4,960 per ounce on Thursday, remaining volatile after pulling back from its record highs hit in late January, as markets digested the latest FOMC minutes. The January meeting summary showed a divided Federal Reserve: some policymakers favored pausing additional rate cuts for now, with the option to resume easing later in the year if inflation continues to moderate, while others floated the possibility of renewed rate hikes and pressed for a post-meeting statement that acknowledged a two-sided path for future interest rates. In response, traders scaled back expectations for multiple rate cuts this year.

Market focus now shifts to key US GDP and PCE releases later this week. In the near term, demand for precious metals has softened following China’s Lunar New Year holiday, as liquidity thinned and many investors stayed on the sidelines. At the same time, geopolitical risks tied to Iran have reemerged, with reports indicating that any potential US military response could take the form of a prolonged, weeks-long campaign after recent talks failed to produce a breakthrough.