Gold futures edge lower as case for US rate hike delay builds

Gold futures edge lower as case for US rate hike delay builds

On the Comex, gold futures for June delivery dropped $4.80, or 0.4%, to trade at $1,205.80 a troy ounce. Image Source: http://cnb.cx/1a5nYmf

Prices of gold futures declined in trade subjected on Wednesday as expectations that the Federal Reserve may delay a rate hike awaited this year grows.

The Fed will publish the minutes of its meeting of March the same day and analysts say it will probably assert outlook cautious policy makers in the US economy.

At that meeting, Fed policy makers unlocked the door to a rise in interest rates already in June for the elimination of a promise to be “patient” in the standardization of monetary policy. But his cautious economic outlook reflects generally pessimistic bias of the Fed, sending gold in a seven-day rally in its longest winning run since 2012.

On the Comex, gold futures for June delivery dropped $4.80, or 0.4%, to trade at $1,205.80 a troy ounce. While, Spot gold was steady at $1,208.06 an ounce.

Narayana Kocherlakota Minneapolis Fed president on Tuesday noted a case for waiting until the second half of 2016 to get started raising rates, a day after the president of the New York Fed, William Dudley, said the timing of a rise was not clear.

Investors be focused on minutes of the last meeting of the Fed for more information on the central bank’s next policy moves after jobs data Friday pessimistic Wednesday fueled uncertainty over the timing of a rate hike.

In the international market, gold is close to $1210 with lighter edge. The weak dollar has supported gold. However, in the domestic market, gold is trading in the red. MCX gold is trading down 0.29 per cent to Rs 26,800.

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