share this article!

Staff of Reuters 3 Minutes to Read Reuters, 7 July – Gold prices fell on Wednesday after hitting a three-week high the day before, as the dollar rose, putting pressure on the safe-haven commodity ahead of the release of minutes from the US Federal Reserve’s June policy meeting. * As of 0103, spot gold was down 0.1 percent at $1,795.39 per ounce, after touching a new high of $1,814.78 on Tuesday. Gold futures in the United States rose 0.1 percent to $1,795.80 per ounce. The dollar index hovered at a three-month high achieved last week, making gold more expensive for holders of foreign currencies. The minutes from the Fed’s most recent meeting, which are forthcoming at 1800 GMT, are likely to give additional light on interest rate trajectory following the US central bank’s hawkish shift last month. The potential cost of storing non-yielding bullion increases when interest rates in the United States rise. Unfinished work continues to pile up in the United States’ services industry, which grew at a sluggish pace in June, possibly due to labor and raw material constraints. After statistics revealed the US economy might not be as hot as some worry, benchmark 10-year Treasury yields fell to their lowest level in more than four months. According to a survey released on Tuesday, investor mood in Germany decreased far more than predicted in July, albeit it remained quite high, while expectations for a strong economic recovery grew. The Dow and S&P 500 both dipped on Tuesday, with financials and other sectors connected to economic growth leading the way lower, while the Nasdaq climbed to a new high. Silver lost 0.2 percent to $26.08 per ounce, palladium 0.5 percent to $2,780.68 per ounce, and platinum 0.6 percent to $1,085.62. EVENTS/DATA (GMT) 0600 Industrial Output MM in Germany 0600 UK Halifax House Prices MM MM MM MM MM MM MM MM MM 0645 (June) Total Reserve Assets of France In June of 1800, The minutes of the Federal Open Market Committee’s policy meeting on June 15-16 will be released (Reporting by Brijesh Patel in Bengaluru, Editing by Sherry Jacob-Phillips)/nRead More

share this article!