Gold trades above $1320, Brent drops to one-month low ahead of Fed minutes . . . . . . . . . . . . Precious-Gold inched up on Tuesday with investors sidelined ahead of tomorrow’s Fed minutes for June 17-18 policy meeting. The shiny metal found support yesterday after hitting a bottom of $1311.55 an ounce, where it still trades near its highest level in three months. Gold is currently trading around $1322.22 after touching a high of $1322.55 and a low of $1316.59. Data released last showing U.S. employers added 288,000 jobs last month from a revised of 224,000 put some downside pressure on gold prices as it raise speculations the Fed may rise interest rates sooner than expected. Growth in the world’s biggest economy is set to strengthen in the coming months, International Monetary Fund Managing Director Christine Lagarde said on July 6. The improvement in U.S. data gave a boost the U.S. dollar, thereby lowering the appeal of all dollar-denominated commodities. The green currency rose slightly today against a basket of major currencies to hover around 80.31 after hitting a bottom of 80.23. Investors will track the Fed’s minutes meeting on Wednesday to see opinion of policymakers regarding the timing of raising interest rates. Brent crude oil resumed its slide to $109.53 a barrel, to record a fresh one-month low, as the ease in tensions in Libya lowered concerns of supply disruptions. “In Libya, preparations are under way to reopen two major oil ports in the east that were shut by protests almost a year ago,” Reuters said. Crude oil for August’s delivery dipped for seventh consecutive session to trade around $103.36 a barrel from the session’s opening of $103.41. #egyptyard
Posted on: Tue, 08 Jul 2014 12:46:34 +0000
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