After the Fed's minutes were released, gold prices pulled back from their rise as the market focused on clues regarding the Interest Rate path.

According to Jinsuo Finance, after the latest Fed meeting minutes were released, gold prices pulled back some of their gains, and market participants are focusing on the upcoming U.S. economic data for new clues on the U.S. interest rate path. The October Fed policy meeting minutes indicate that, although policymakers warned that dropping borrowing costs could affect the management of inflation, which has been above the 2% target for four and a half years, the divided Fed still decided to cut rates last month. Fed Chairman Powell stated in an unusually candid manner at the post-meeting press conference that a rate cut in December is “not set in stone.” Marex analyst Edward Meir pointed out, “The meeting minutes are a given; what’s more important is to observe the dynamics in December. The Fed needs more data to make decisions. The sporadic data releases will become the focus of the market.” CME FedWatch tool shows that traders currently have only a 30% probability expectation for a rate cut in December.