Gold Retreats as Dollar Firms and Fed Minutes Cloud Rate-Cut Outlook

Gold prices retreated to a one-week low on Wednesday, with spot bullion hovering near $3,297 an ounce after a firmer U.S. dollar erased the metal’s two-day advance. The dollar index touched a two-week high, curbing demand for the non-yielding asset and reversing gains made earlier on expectations of renewed Federal Reserve easing later this year. Minutes from the Fed’s 17–18 June policy meeting, released the same day, underscored a divided committee on the inflation outlook and the timing of potential rate cuts. The uncertainty tempered market wagers on a September reduction that had buoyed gold at the start of the week. Trade tensions also kept investors cautious. President Donald Trump has threatened additional tariff notices, with a 9 July deadline for new measures, adding to concerns that higher import levies could prolong global economic uncertainty. Despite the day’s pullback, bullion remains about 25% higher since the start of 2025, supported by sustained central-bank purchases and safe-haven inflows.