Gold at 2-week lows in the international market on Fed Minutes

Gold at 2-week lows in the international market on Fed Minutes

With declining in the international market, gold is trading at 2-week lows. Gold extended losses to a fifth session on Thursday  as minutes of the Fed Reserve last meeting signaled that policy makers may increase borrowing costs earlier than expected.

Spot gold was hit a record low two-week high of $ 1284.80 an ounce and traded down 0.5 percent on the day at $ 1285.81.

Gold for December delivery dropped as much as 0.8 percent to $1,285.20 an ounce on comex.

Gold was pushed lower by the Fed minutes, and a tendency over the short term looks weak since the prices extend declines, “said 100McxTips. Gold is under pressure due to the strong dollar also.

Dollar traded at 11-month highs against a basket of major currencies by the slightly aggressive tone in the minutes of the central bank of the United States.

Data on Thursday in the United States the weekly unemployment claims and the euro zone manufacturing data from the United States should be the coming gold triggers, and markets are also awaiting reviews from Fed Chairman, Janet Yellen, in a meeting of central bankers in Jackson Hole ‘on Friday.

Investors worried that strong data may lead the Fed to hike rates soon. Highest interest rates would dull the appeal of not accruing interests assets such as gold.

Holdings in the SPDR Gold Trust expanded yesterday for a third day, the longest stretch of increases since February.

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Posted in Commodity, MCX

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