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.

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