Gold prices below $1,300 in Asia trade ahead of Fed minutes release

Gold prices below $1,300 in Asia trade ahead of Fed minutes release

Future prices of gold held below $ 1,300 an ounce after withdrawing for three days on Wednesday before the publication of recent minutes meeting of the Federal Reserve board and recent optimistic economic data from the U.S.

Gold for December futures delivery was at $1,296.40 an ounce on the Comex, after hitting an overnight intraday session low of $1,295.00 and off a high of $1,303.30.

“In recent days, gold has been giving lower back to the $ 1,300. Now that it has broken through that level, now has its eyes at the level of previous support at $ 1.290.” 100McxTips said.

During the night the prices of gold futures fell on Tuesday after upbeat U.S. housing and consumer inflation laid the foundation expectations that the Federal Reserve chip away at its ultra-loose monetary policy which have supported the precious metal for years.

The Federal Reserve releases minutes today of its July 29-30 meeting, when it cut asset purchases for a sixth time, after data yesterday showed home construction rebounded and the cost of living rose at a slower pace.

Gold futures immediate delivery was at $1,295.49 an ounce in Singapore from $1,295.73 yesterday, when the metal capped the three-session, 1.4 percent decline, according to Bloomberg generic pricing.

Holdings in the SPDR Gold Trust posted the first back-to-back gain yesterday since the two days to July 23.

At MCX Gold December futures contract was trading at Rs 28285 down Rs 14, or 0.05 percent in early morning trade. Gold touched an intraday session high of Rs 28329 and an intraday session low of Rs 28275.

 

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Posted in Commodity, MCX

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