Gold struggles below $1,300 Ahead of FOMC Minutes
ecPulse
2014-08-20 06:35AM UTC
Gold futures held on to modest gains in Europe on Wednesday, yet staying firmly below $1,300 an ounce after a three-day losing streak as strong U.S. housing data bolstered stock markets and dimmed bullion`s appeal as a safe haven. Gold was little changed in Europe, trading at $ 1,295.31 after opening at $1,295.22 while so far setting intraday high at $1,296.70 and low at $1,294.07. Signs of continued improvement in U.S. growth have kept gold prices under pressure in recent months as investors braced for the Federal Reserve to end its stimulus rollback. Commerce Department data showed U.S. housing starts jumped 15.7 percent in July from a month earlier. Investors also digested news that consumer prices rose last month at the slowest pace in five months. - Spot Silver rose 0.23% to trade at $ 19.48 - Spot Platinum added 0.05% to $ 1,438.75 - Spot Palladium gained 0.23% to trade at $ 881.55 While keeping an eye on mounting geopolitical tensions, investors were also awaiting minutes of the Federal Reserve`s July meeting for clues about the U.S. central bank`s monetary policy outlook. Some gold traders are likely bracing for any potential surprises from the FOMC`s meeting minutes, due to be released Wednesday. One negative would be a rosy assessment of the economy, which would reinvigorate fears of interest-rate increases.
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