Metals: Gold Continues Rise After Fed Minutes Show Division

Getty Images

The minutes said "some participants... argued against additional adjustments" until the Fed was sure that inflation was on track to meet its 2% target.

However, others "saw some likelihood that inflation might remain below two percent for longer than they now expected", the minutes said. The minutes didn't specify when the Fed would begin shrinking its balance sheet this year. Investors also responded to solid economic data, including a better-than-expected report on retail sales on Tuesday.

Also weighing on sentiment was the disbanding of President Donald Trump's business advisory councils after a stream of CEOs quit in the aftermath of the Charlottesville protests. The moves sparked speculation that the president's embattled policy agenda may face higher hurdles amid flagging support among business leaders. This news made the U.S. Dollar a less attractive investment, encouraging investors to sell the Greenback against all major currencies. Data on housing starts for July will be released at 8:30 a.m. ET.

USA crude CLcv1 fell 1.6 percent to $46.79 per barrel and Brent LCOcv1 was last at $50.33, down 0.93 percent on the day.

In the end, the Dow Jones Industrial Average gained 0.1%, the S&P 500 gained 0.1%, the Nasdaq Composite gained 0.2% and the Russell 2000 gained a fraction.

The minutes, released at 7:30 a.m. EDT (1130 GMT), spurred an nearly 1 percent fall in the single currency against the dollar, along with losses against the Swiss franc, yen and sterling.

Germany's DAX, France's CAC 40 and the UK's FTSE 100 all fell 0.1%.

- Germany's DAX index jumped 0.7 percent to the highest in more than a week.

At 21:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was neutral at -13.476.

Most Asian currencies rose overnight, with the Korean won up 0.3% after tension over North Korea continued to ease.

The dollar fell 0.55 percent against the yen to 109.60 yen and 0.4 percent against the Swiss franc. The benchmark German 10-year yield was down almost two basis points to 0.42%, coming off Wednesday's high of 0.47%.

- Britain's 10-year yield gained two basis points to 1.105 percent, the highest in a week.

Benchmark zinc on the London Metal Exchange CMZN3 set a new decade high of $3,145 a tonne on Thursday, and was last up 0.2 percent from its previous close at $3,126.

Related:

Comments

Latest news

S.Korea, US gear up for war games
Top U.S. military officials stated that South Korea and the United States will move forward with joint combat drills . The U.S. military, however, confirmed that the war games will go as planned despite North Korea's threats.

CIA Assures That There is No Possibility of War with North Korea
Korean President Kim Jong-Un, despite his rhetoric is still a "rational" person who is responsive to adverse circumstances. They both walked a fine line of backing the tough talk directed at Pyongyang, but not wanting to raise the alarm at home.

Taylor Swift's Shocking Social Media Blackout Sparks Album Speculation Frenzy
However, Us Weekly exclusively revealed in May that she has been quietly recording a new album during her time off. For the latest celebrity entertainment, news and lifestyle videos, subscribe to Us Weekly's YouTube Page .

Manchester Arena Announces Reopening, Benefit Concert
District Judge John Temperley said the case was too serious to be dealt with within his jurisdiction and must be heard in a Crown Court.

Other news