Gold decline for 2nd straight day as dollar extends gains, Fed minutes eyed

Gold decline for 2nd straight day as dollar extends gains, Fed minutes eyed

Gold futures prices fell for the 2nd session on Wednesday, as a broadly stronger dollar and stock market dampened the appeal of the precious metal. Bullion traders now waiting for the minutes of the Federal Reserve’s last policy meet for clues on the U.S. rate outlook.

On the Comex, gold futures for June delivery shed $1.60, or 0.13%, to trade at $1,205.10 a troy ounce. In London Spot gold had ticked up 0.2 percent to $1,209.20 an ounce.

The dollar index, which measures the strength of the greenback against a trade-weighted basket of six major currencies, gained 0.5% to hit 95.85 earlier on Wednesday, the highest level since May 5.

The dollar was after data on Tuesday showed US dwellings started in April rose to its highest level in almost 7 years and a half, while construction permits also increased.

The optimistic data boosted hopes of a rebound in economic growth during the 2nd quarter after a sharp slowdown in the first three months of the year.

The Indian rupee weakened against the dollar today, ahead of the Federal Open Market Committee meeting minutes, which will be released later on Wednesday, and on uncertainties related to Greece debt issues.

Besides, all Asian currencies closed lower against the dollar.

Gold June futures prices at the Multi Commodity Exchange, decline Rs 24, or 0.09%, to Rs 27,272 per 10 grams as speculators offloaded their positions amid a weak global trend.

Investors were looking to the minutes of the meeting of the Federal Reserve April go on sale later on Wednesday for fresh indications at the time of an initial rate hike.

For commodity market tips, MCX live tips, Gold-Silver prices and trading market latest news & updates  with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at or Call: +91-761-4012307

Accurate mcx tips


MCX Commodity Tips is an experienced Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at commodity free trial tips here.

Posted in Commodity

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
M-Sat : 10am - 7pm

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: