Gold price extended losses on Thursday as it fell to a two-month low after the Fed released minutes from its July meeting, meanwhile Platinum is seen heading for its longest-losing streak in 27 years.
The Fed minutes revealed that the Fed policymakers may increase rates sooner than later, however the minutes also showed that some of the officials wanted additional evidence before boosting rates.
The Fed Chair Janet Yellen will be giving a speech at the central bankers meeting in Jackson Hole, Wyoming.
The US dollar strengthened against a basket of 10 major currencies after the Fed minutes were released and was little changed after it climbed to a six-month high on Thursday.
Gold for immediate delivery lost 0.8% to $1,281.04 an ounce, according to Bloomberg generic pricing. Gold for December delivery dropped 1.1% lower at $1,281.60 an ounce on the Comex in New York.
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Silver futures for immediate delivery lost 0.7% to $19.3503 an ounce after falling to a $19.3194 low, the lowest since June 12. While Platinum slid 0.2% to $1,424.88 an ounce, falling for the tenth day in a row, the longest losing streak since at least January 1987.
As the tensions in Iraq and Ukraine continue, gold prices have remained unaffected by the cruses as the yellow metal prices increased by 6.6% this year after the unrest in Ukraine and Middle East increased haven demand.
Apart from the annual economic gathering in Jackson Hole, which will commence today, Investors will also be focusing on the release of the US jobs report with forecasts of a drop of 303,000 in initial jobless claims, during the period ended August 16.
While the expected PMI and existing home sales figures from the US are expected to fall from the previous readings.
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