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- Gold: price drops under USD1,200 after FOMC minutes
Gold: price drops under USD1,200 after FOMC minutes
Gold is trading lower today, falling back under the the USD 1,200 level, retreating for the fourth day in a row. Yesterday the minutes of the last FOMC meeting were published. The minutes show that the board is divided on whether to hike interest rates in June or not. As a consequence of the weaker-than-expected GDP growth and disappointing labour market data a potential interest rate hike might be delayed till September. Speculations for a midyear rate hike by the FED - despite weaker economic data coming from the U.S. - weighed on the precious metal.
A stronger US dollar is putting pressure on gold, as it reduces the metal's appeal as an alternative asset and makes dollar-denominated commodities more expensive for holders of other currencies.
Gold is currently quoted at USD1,197.10 -0,47% a troy ounce, still slightly above the USD1,200 level. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40. On Tuesday the 17th of march gold traded as low as USD1,142.50, a three-month low.
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