Gold Prices Slides Ahead of Federal Reserve’s Minutes

Gold Prices Slides Ahead of Federal Reserve’s Minutes

The price of gold lower in morning trade on Wednesday, and nursing losses overnight, as investors look forward to the meeting of the minutes of the last Fed policy to be held later in the day.

Comex gold futures shed $3.30, or around 0.3%, to $1,252.23 a troy ounce.

Spot gold edged up 0.07 per cent to USD 1,251.60 an ounce.

The Fed will issue the minutes of its last policy at 2:00 GMT (18:00 GMT), where traders seek to further insight into the prospect of higher interest rates in the coming months. It is also expected that the publication provides some details about the Fed’s discussions on reducing the general budget of $ 4.5 trillion.

The US central bank left interest rates unchanged after its meeting on May 3 and gave a positive assessment of the US economy, indicating that it is still on track to raise two more this year.

In Delhi, gold of 99.9 per cent and 99.5 per cent purity bounced by Rs 185 each to Rs 29,100 and Rs 28,950 per 10 grams, respectively.

Gold prices rose after yesterday’s decline, mainly due to new purchases by local jewelry in the domestic spot market, along with a better direction globally.

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