FOMC Minutes and Gold
When the FOMC minutes comes out, why it moves gold, and how gold actually reacted the last 12 times, from real hourly prices. Next release in your time zone, with a countdown and a calendar reminder.
FOMC minutes:
Wed 18 Nov 2026, 2:00 pm New York time · source: Federal Reserve
The time above is shown in your own time zone. The calendar file holds this release with a reminder 15 minutes before; it works in Apple, Google and Outlook calendars.
How gold reacted the last 12 times
- Average release-hour move
- $9.5 (0.22%)
- Average release-hour range
- $19.0
- Release hour closed higher
- 5 of 12
- Average session move
- 1.12% ($48.0)
- Gold closed the session higher
- 9 of 12
- Average session range
- $101.7
Averages of the absolute moves (ignoring direction) in the table above, computed when the page was built. Past reactions do not predict the direction of the next one.
| Release (New York date) | Release hourmove | Release hourhigh–low | Gold that sessionclose to close | Session rangehigh–low |
|---|---|---|---|---|
| Wed 7 Oct 20262:00 pm NY | −$0.9−0.02% | $13.2 | −1.34%−$56.0 | $106.6 |
| Wed 19 Aug 20262:00 pm NY | +$8.1+0.18% | $25.6 | +4.36%+$191.2 | $204.8 |
| Wed 8 Jul 20262:00 pm NY | +$17.7+0.43% | $27.8 | −0.73%−$30.0 | $112.2 |
| Wed 20 May 20262:00 pm NY | +$10.5+0.23% | $16.2 | +1.36%+$60.8 | $103.4 |
| Wed 8 Apr 20262:00 pm NY | −$29.4−0.62% | $41.7 | +0.25%+$11.7 | $167.4 |
| Wed 18 Feb 20262:00 pm NY | −$7.5−0.15% | $22.7 | +2.04%+$100.0 | $163.4 |
| Tue 30 Dec 20252:00 pm NY | −$16.2−0.37% | $31.1 | +0.05%+$2.1 | $81.7 |
| Wed 19 Nov 20252:00 pm NY | −$14.1−0.34% | $18.7 | +0.27%+$10.9 | $78.7 |
| Wed 8 Oct 20252:00 pm NY | −$2.0−0.05% | $15.0 | +1.31%+$52.7 | $75.4 |
| Wed 20 Aug 20252:00 pm NY | −$1.3−0.04% | $2.9 | +0.99%+$33.3 | $40.9 |
| Wed 9 Jul 20252:00 pm NY | +$1.5+0.05% | $6.2 | +0.35%+$11.5 | $35.3 |
| Wed 28 May 20252:00 pm NY | +$4.7+0.14% | $6.3 | −0.46%−$15.3 | $51.0 |
Prices: COMEX gold futures (GC=F) 1-hour bars via Yahoo Finance, dollars per ounce. Release hour = the 1-hour bar that contains the release, from the close of the hour before. Session = the COMEX day the release falls in (6 pm New York the evening before to 5 pm New York), against the previous session’s close. Session closes are the last hourly price before 5 pm New York, not the 1:30 pm settlement, so afternoon releases such as Fed decisions are inside the move.
Get reminded
Two free ways, no account needed. Add the next release to your own calendar with the buttons above, or get Gold Daily: once a day, Mon–Sat, it lists the next big event in your time zone with today’s gold levels.
What is the FOMC minutes?
The minutes are the Federal Reserve's written summary of the debate at the last FOMC meeting: how officials saw inflation, jobs and risks, and how many of them leaned towards raising or cutting rates. The next FOMC minutes release is on Wed 18 Nov 2026 at 2:00 pm New York time ( in your time zone).
When does it come out?
Three weeks after each rate decision, at 2:00 pm New York time, so eight times a year. Dates come from the Federal Reserve; we only list a date once it is on the official schedule.
Why does it move gold?
The decision is old news by the time the minutes arrive, so the reaction is usually smaller than on decision day. The minutes matter when they show a committee more hawkish or more dovish than the statement and press conference suggested: that shifts expected rates, Treasury yields and the dollar, and gold moves with them.
What moves the price is the surprise: the gap between the number and what the market expected. We do not show consensus forecasts, because they come from commercial surveys we cannot republish, and we never guess them.
What traders look at
- How many officials favoured a different decision
- Language on the next move and on inflation risks
- Any discussion of the balance sheet
- Whether the tone differs from the Chair's press conference
What the history table shows
Across the last 12 times, gold’s release hour moved $9.5 on average (0.22%), with an average high–low range of $19.0 in that hour. Over the whole session gold moved 1.12% on average and closed higher 9 of 12 times. The table uses COMEX gold futures, which trade a few dollars above spot gold (XAUUSD) but move almost identically. For an 8:30 am release the release hour is the 8:00–9:00 am New York bar, so it includes 30 minutes before the number. Rows marked “with” show other releases that came out at the same minute: gold’s move that hour is the combined reaction.
How traders prepare (education)
- Know the time in your zone. The countdown above converts it for you; add it to your calendar so it does not catch you mid-trade.
- Size for the release hour. Compare the average release-hour range above with your stop. The position size calculator shows the lot size that keeps the risk the same with a wider stop.
- Decide before the number. Stand aside, reduce size or wait for the first spike to settle: pick one in advance. See the gold news trading lesson.
- Check the week. The weekly gold cheat sheet lists this week’s events and levels; the market scoreboard shows the dollar and yields gold reacts to.
Related reading
- FOMC rate decision and gold
- FOMC day gold playbook
- The Fed blackout period and gold
- How to read FedWatch for gold
- All gold event pages
- Gold economic calendar
- Gold event centre: next three weeks
Frequently asked questions
When is the next FOMC minutes release?
Wed 18 Nov 2026 at 2:00 pm New York time (19:00 UTC), according to the Federal Reserve. The page shows it in your own time zone with a countdown.
What time is the FOMC minutes released?
Three weeks after each rate decision, at 2:00 pm New York time, so eight times a year.
Does the FOMC minutes push gold up or down?
It depends on the surprise, not the number itself. The minutes matter when they show a committee more hawkish or more dovish than the statement and press conference suggested: that shifts expected rates, Treasury yields and the dollar, and gold moves with them. What else is moving yields and the dollar that day matters too, so the same kind of surprise does not always move gold the same way.
How much does gold move on FOMC minutes?
Over the last 12 times, gold’s release hour moved $9.5 on average (0.22%), with an average range of $19.0. Over the full session it moved 1.12% on average and closed higher 9 of 12 times. These are averages of real past moves, not a forecast.
Where do the numbers on this page come from?
Release dates come from the Federal Reserve’s official schedule and release archive. Gold prices are COMEX gold futures (GC=F) 1-hour bars via Yahoo Finance, and every move in the table is calculated from those bars when the page is built. We do not show consensus forecasts.
Can I get a reminder before the release?
Yes. Use Add to calendar for a calendar file with a reminder 15 minutes before, or the Google Calendar button. Gold Daily, our free email, lists the next big event in your time zone once a day, Mon–Sat.
Educational page only. Not financial advice and not a signal. Past price reactions do not predict future prices. See our risk disclaimer.