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- Gold is in red zone but retreated from session lows
Gold is in red zone but retreated from session lows
Gold fell around one percent as U.S. Federal Reserve announced yesterday a further cut in its stimulus programme and reiterated its confidence in the U.S. economic outlook despite weak first-quarter growth.
Outflows resumed from bullion-backed exchange-traded funds, suggesting investor confidence in the metal remains soft. Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 4.19 tonnes to 787.95 tonnes on Wednesday - its biggest outflow since April 16 and the first change in its holdings since April 21.
Currently gold was down 0.93% at $1,282.00 an ounce. Session low was established at $1,277. an ounce
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