Gold
futures settled higher on Wednesday, then moved up in electronic
trading to top $1,210 an ounce after minutes from the Federal Reserve
Open Market Committee’s April meeting showed that only a few officials
expect an interest-rate hike in June.
Gold for June delivery
GCM5, was at $1,211.10 an ounce in electronic trading on Globex after
the minutes, after settling at $1,208.70 an ounce, up $2, or 0.2%, on
Comex.
The
April minutes of the policy-setting FOMC were released shortly after
the close of regular metals trading on Comex. Only a “few” Fed officials
thought economic data would improve enough to trigger a rate hike at
the next meeting in June.
Higher interest rates can support the dollar, which can be bearish for dollar-denominated gold.
Gold
on Monday rose to its highest level in more than three months, but gave
back some of those gains to finish Tuesday at its lowest level in a
week. The yellow metal has been stuck in trading range between resistance at $1,225 an ounce and support at $1,180.
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