Gold Declines as Some Fed Officials Favor Raising Rates in June

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Gold Declines as Some Fed Officials Favor Raising Rates in June

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PT. Equityworld Futures – Gold declined after minutes from the Federal Reserve’s last meeting showed some policy makers favored raising U.S. interest rates as soon as June.

The precious metal has fallen out of favor with investors who anticipate that rates will rise this year. Holdings in exchange-traded products backed by gold are at the lowest since mid-January, while U.S. government data shows open interest for New York futures and options has declined in the past two months.

Gold for immediate delivery fell 0.8 percent to $1,199.26 an ounce at 2:39 p.m. New York time, heading for the biggest loss in a week.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major peers, pared losses after the Fed minutes were released. A stronger greenback cuts the appeal of precious metals as an alternative investment.

Sumber : ewfpro.com

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