FOMC meeting minutes: gold before and after
Before and after Release: Wed Aug 19, 2026, 14:00 ET (2026-08-19 18:00 UTC)
Before the release
What it is and why gold cares
The minutes are the detailed record of the last Fed meeting, published three weeks after it. They can shift rate pricing when they show how many officials leaned toward lower or higher rates. Gold reactions are usually smaller than on decision days, but they can be fast.
The consensus figures for this release were not archived (our calendar archive starts on Oct 4, 2026), so this page compares the result with the previous value only.
How gold reacted to past FOMC minutes releases
In the 5 past FOMC minutes releases in our data since Jul 2025, gold futures moved a median of $3.2 (up or down) in the first 5 minutes and $4.4 after 30 minutes. The median high-to-low range in the first hour was $18.7, the largest $41.7. The direction of the first 5 minutes was still in place after 60 minutes in 3 of 4 cases. This describes past releases only, measured on our own 1-minute futures data.
| Release | 5-min move | 60-min move | 60-min range |
|---|---|---|---|
| Wed Jul 8, 2026 | +$3.2 | +$17.7 | $27.8 |
| Wed May 20, 2026 | +$0.8 | +$10.5 | $16.2 |
| Wed Apr 8, 2026 | +$6.0 | -$29.4 | $41.7 |
| Wed Nov 19, 2025 | -$4.3 | -$14.1 | $18.7 |
| Wed Jul 9, 2025 | -$0.3 | +$1.5 | $6.2 |
Where price sat before the release
At Wed Aug 19, 2026, 13:45 ET, gold futures traded at 4,546.6 GC (≈4,489 XAUUSD), above the previous day's value area (≈4,360 to ≈4,405 XAUUSD, 4,417.4 to 4,462.7 GC), above the daily VWAP (≈4,424 XAUUSD, 4,481.4 GC) and above the weekly VWAP (≈4,407 XAUUSD, 4,464.2 GC).
| Level | GC | XAUUSD | Distance | |
|---|---|---|---|---|
| Above | New York high | 4,557.6 | ≈4,500 | +$11.0 |
| Below | Developing daily POC | 4,546.1 | ≈4,489 | -$0.5 |
| Below | Developing monthly VAH | 4,523.6 | ≈4,466 | -$23.0 |
| Below | Prev day high | 4,493.1 | ≈4,436 | -$53.5 |
Nearest reference levels from futures volume: above, New York high at 4,557.6 GC (≈4,500 XAUUSD), $11.0 away; below, Developing daily POC at 4,546.1 GC (≈4,489 XAUUSD), $0.5 away. These are levels to watch around the release, places where price reacted before; they are not forecasts.
Spreads and volatility
Around a release, spreads on XAUUSD CFDs often widen, prices can jump several dollars between two ticks and stop orders can fill far from their price. In past FOMC minutes releases the release minute alone had a median high-to-low range of $6.3.
This BEFORE section was rebuilt after the fact from the data available 15 minutes before the release (backfilled page). XAUUSD equivalents use the GC to XAUUSD gap of -57.45 measured at that time; your broker's price can differ by a few dollars.
After the release
The minutes of the last FOMC meeting were published at 14:00 ET on federalreserve.gov. There is no headline number: the reaction below is measured from the publication minute.
Gold futures (GC) 1-minute candles, 30 minutes before to 60 minutes after the release; dashed lines are levels known before the release. Right axis: XAUUSD equivalent.
The measured reaction
Gold futures were at 4,545.0 GC (≈4,488 XAUUSD) just before 14:00 ET. After 1 min +$2.8; after 5 min +$8.8; after 15 min +$1.3; after 30 min -$11.2; after 60 min +$8.3. The first-hour range was $25.6: high 4,556.0 GC (≈4,499 XAUUSD) at +55 min, low 4,530.4 GC (≈4,473 XAUUSD) at +32 min.
| Time | GC | XAUUSD | Move |
|---|---|---|---|
| Before (13:59 close) | 4,545.0 | ≈4,488 | |
| +1 min | 4,547.8 | ≈4,490 | +$2.8 |
| +5 min | 4,553.8 | ≈4,496 | +$8.8 |
| +15 min | 4,546.3 | ≈4,489 | +$1.3 |
| +30 min | 4,533.8 | ≈4,476 | -$11.2 |
| +60 min | 4,553.3 | ≈4,496 | +$8.3 |
| First-hour high (+55 min) | 4,556.0 | ≈4,499 | +$11.0 |
| First-hour low (+32 min) | 4,530.4 | ≈4,473 | -$14.6 |
Volume and order flow
The release minute traded 315 contracts, 5.7 times the median minute of the half hour before (56). Net delta (aggressive buying minus aggressive selling): -129 over 1 min, +64 over 5 min, -67 over 15 min.
Order flow in the first 15 minutes (Bookmap trade capture (exchange data; icebergs not rebuilt)): 2 aggressive orders of 60+ lots, 92 lots on the buying side and 107 on the selling side. Largest: a 107-lot aggressive seller at 14:00:10 ET at 4,544.0 GC (≈4,487 XAUUSD). No iceberg (hidden order) of 30+ lots was recorded in this window.
| Time ET | Order | Lots | GC | XAUUSD |
|---|---|---|---|---|
| 14:00:10 | Aggressive seller | 107 | 4,544.0 | ≈4,487 |
| 14:04:27 | Aggressive buyer | 92 | 4,553.0 | ≈4,496 |
Levels: held, swept or broken
Levels known before the release, in the order price reached them: Developing daily POC (≈4,489 XAUUSD, 4,546.1 GC) broken at +1 min: price went $9.9 through it and was still beyond it at +60.
| Level | GC | XAUUSD | Reached | Result | Through |
|---|---|---|---|---|---|
| Developing daily POC | 4,546.1 | ≈4,489 | +1 min | broken | $9.9 |
Compared with past releases
Compared with the 5 past FOMC minutes releases in our data: the 5-minute move ($8.8) was larger than 5 of 5 (median $3.2), and the first-hour range ($25.6) was larger than 3 of 5 (median $18.7).
By +60 minutes
At +60 minutes gold futures were at 4,553.3 GC (≈4,496 XAUUSD), +$8.3 from the pre-release price. The first 5-minute move (up $8.8) was fully retraced: price was back at the pre-release level at +8 min. At +60 price was still on the same side of the pre-release level.
XAUUSD equivalents use the GC to XAUUSD gap of -57.45 at the release (MT5 XAUUSD tick + NinjaTrader GC bar); dollar moves are the same for both.
Sources: Release time: Fed calendar (backfilled page; dated releases are checked against FRED or the volume burst in our data); Actual values: FRED / ALFRED first prints and Federal Reserve statements; Prices, volume and delta: COMEX gold futures (GC) 1-minute data, AK Order Flow; Big orders and icebergs: Bookmap trade capture (exchange data; icebergs not rebuilt). Times are New York (ET); the release time is also shown in your time zone.
Education only. Not financial advice. Trading futures and CFDs carries a high risk of loss.