Gold
futures fell to a one-week low after minutes from the Federal Reserve’s
last meeting fueled concern that policy makers are moving closer to
raising interest rates.
Fed
officials were split last month over whether they would boost rates in
June, the minutes released on Wednesday showed. Holdings in
exchange-traded products backed by gold fell to 1,616.1 metric tons, a
three-month low, according to data compiled by Bloomberg. The dollar
rose to the highest in a week against a basket of 10 currencies.
Gold
futures are heading for the first weekly decline since March 13. A
government report last week showed U.S. jobs growth cooled in March,
providing temporary support for prices. Metals traders are scrutinizing
economic data for more signals on the timing of rate increases, which
cuts the appeal of bullion because it only offers returns through price
gains.
Bullion
futures for June delivery dropped 0.8 percent to settle at $1,193.60 an
ounce at 1:44 p.m. on the Comex in New York. Prices earlier touched
$1,192.40, the lowest since April 1.
Silver
futures for May delivery fell 1.7 percent to $16.176 an ounce on the
Comex, capping a third straight loss. Prices touched $16.105, the lowest
since March 20.
Platinum
futures for July delivery lost 0.8 percent to $1,157 an ounce on the
New York Mercantile Exchange. Palladium futures for June delivery
climbed 0.9 percent to $762.40 an ounce, the third gain in four days.
Source: Bloomberg
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