• Gold remains firm at around $1835, with traders awaiting Fed minutes.
• Money market futures began to price in interest rates in the US in the 5.25%-5.50%.
• Gold Price Analysis: Range-bound, trapped within the 50/100-DMA.

Gold price recovered some ground, though it remains almost flat compared to its opening price. However, it clings to minimal gains before the release of the US Federal Reserve’s (Fed) last monetary policy meeting minutes. At the time of writing, the XAU/USD is trading at $1835.10 a troy ounce.

Financial markets await the FOMC’s last meeting minutes

US equities bounced at the Wall Street open, but traders remained cautious amidst growing speculations that the Fed would turn more hawkish than expected. Money market futures are projecting 75 bps of additional tightening, as seen in the CME Fed Watch Tool. Nevertheless, US Dollar (USD) bulls are taking a respite, with the US Dollar Index (DXY) edging lower by 0.07% at 104.088, undermined by US bond yields, mainly the 10-year benchmark note rate down five basis points (bps), at 3.900%.