Gold zeroes in on yield curve control after topping US$1,800

Bullish gold: Gold grain is seen before being melted into 1kg gold bars during a refining process at AGR in Entebbe, Uganda. Gold futures touched US$1,804 an ounce on Tuesday, the highest since November 2011. — Reuters

NEW YORK: Fresh from cracking US$1,800 an ounce, the global gold market wants to know what the Federal Reserve may do next to rescue the US economy, with minutes due yesterday that are expected to shed light on the central bank’s willingness to embrace yield curve control.

Futures held near the highest in more than eight years, with a focus on the central bank release and warnings about the coronavirus pandemic.