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Gold is trading at three-week low
Gold prices are close to the minimum of three weeks after the publication of strong U.S. trade data and comments Fed officials that have increased fears that the central bank will reduce the incentives in September.
From the beginning, gold fell by nearly 25 percent after 12 years of growth, as the market expects the Fed to reduce ongoing program of buying up bonds. In a seasonal decline in demand in the physical market, investors are closely watching the U.S. macroeconomic statistics. The U.S. trade deficit in June fell to a minimum of 3.5 years $ 34.22 billion.
The president of the Federal Reserve Bank of Chicago Charles Evans reiterated on Tuesday that the central bank may begin reducing incentives in September or later in the year depending on economic data.
Chinese gold imports from Hong Kong's main supplier in June fell by 4 percent compared to May, but held above 100 tons. Premiums in India on Tuesday declined due to lack of demand in the physical market, while traders use stockpiles in the absence of new imports.
The cost of the October gold futures on COMEX today rose to $ 1285.80 per ounce.
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