Gold Declines on Release of Fed Meeting Minutes

Gold fell on Tuesday in reaction to the minutes of latest FOMC meeting which created high demand for the greenback while lower demand for the precious metal. According to the latest minutes of US Fed’s monetary policy meeting, majority of the officials voted against further easing measures.

The gold futures contract for June delivery declined 0.5 percent or $7.70 to settle at $1,672 per ounce on the Comex division of the New York Mercantile Exchange. Gold touched its intraday low of $1,654.50 per ounce on Tuesday. This wouldn’t be wrong to say that the gold has been rising earlier due to two main reasons which are expectations of higher inflation and continuation of US Federal Reserve’s quantitative easing program.

Silver futures for May moved contrary to gold gaining 0.5 percent or $0.17 to settle at $33.27 per ounce. Copper futures for the same month slightly declined 0.1 percent to $3.92 per pound.

Platinum futures contract for July delivery gained 0.3 percent or $5.60 to $1,660.50 per ounce while palladium futures for June delivery advanced 0.1 percent or $0.80 to settle at $659.60 per ounce for the day. Platinum and palladium futures gained on the news better auto sales data as both are key components used in manufacturing of cars and trucks. Moreover, factory orders also increased 1.3 percent in February as compared to revised expected decline of 1.1 percent.


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