Gold Slips 1% Below $1,220 With FOMC Minutes, Dollar Recover Some Losses

Gold Slips 1% Below $1,220 With FOMC Minutes

Prices of gold futures were lowest on Wednesday, extending losses overnight as a rally in equities and marketplace merchants will expecting the minutes of the latest policy meeting of the Federal Reserve in search of fresh tracks in the when the next rise in US rates.

Gold for June delivery on the Comex Exchange slumped $10.30, or 0.84%, to trade at $1,219.30 a troy ounce.

Spot gold fell by 1 per cent to $1,218.86 an ounce.

Market participants is focused on the minutes of the March policy meeting of the Federal Reserve, due at 18:00 GMT, 14:00 ET or, for some clarity over where the US central bank is found on its way to increases in rates.

The Fed shocked markets last month by cutting its rates upward forecast for this year to two of the four previously projected, quoting the potential impact of weaker global growth in the US economy

Federal Reserve Chairman Janet Yellen in the past week assured the markets that the central bank would be cautious in raising rates, indicating that there are lots of risks to its forecast.

The US dollar index, which measures the greenback against a trade-weighted basket strength of six major currencies, rose 0.35% to 94.94, boosted by the weak euro and sterling.

Holdings of SPDR Gold Shares, declined 0.28 tonnes to 815.44 tonnes on Tuesday, data showed background. It first reported weekly output this year last week.

With a slightly sluggish 0.1 per cent on MCX gold is trading around Rs 28 750.

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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 .

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Posted in Commodity, MCX, Stocks Market

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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 .
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