Gold prices are marking time near the $1200/oz figure, left rudderless by a lull in top-tier news flow after two weeks of adjusting to a steepening Fed rate hike path projected in the aftermath of the US presidential election. The upcoming release of minutes from November’s FOMC meeting seems unlikely to shake things loose as investors look beyond December’s seemingly priced-in rate hike and toward the 2017 policy trajectory.
Fed officials have acknowledged that this is mainly a function of the looming fiscal policy pivot. That means the next significant bit of directional momentum may be triggered by the announcement of key appointments to the President-elect’s economic policy team. Investors are probably most eager to see who will be the next Treasury Secretary, although the naming of the new US Trade Representative and Commerce Secretary ought to be noteworthy as well.