The price of gold was moving lower Wednesday morning, with the US dollar trading firm versus a basket of major currencies ahead of the release of the FOMC minutes, later today.
Gold for December delivery, the most actively traded contract, lost $9.00 to $1,363.60 an ounce. Yesterday, gold settled higher near a 2-month high as traders await more clarity from the minutes from the US central bank's July policy meeting, due Wednesday.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 914.12 tons from 912.32 tons.
Meanwhile, the U.S. dollar was leveling-off from its 2-month low versus the euro and trading flat against sterling. The buck was steady versus the Swiss franc and the yen.
In economic news, the U.K. budget balance unexpectedly moved to a deficit in July from a surplus last year, the latest figures from the Office for National Statistics showed The public sector net borrowing (PSNB) excluding interventions amounted to GBP 0.1 billion in July compared with -GBP 0.8 billion last year, which indicated a budget surplus. Economists had forecast PSNB ex interventions to be at -GBP 2.9 billion.
Elsewhere, the prices of silver and platinum were moving lower in morning deals.
From the U.S, the National Association of Realtors will release its existing home sales report for July at 10 a.m. ET. Economists expect existing home sales to come in at a seasonally adjusted annual rate of 5.150 million units.
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Market Analysis
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.