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Gold retreats

FOREX_Gold-retreats-from-high_FXPIG

Gold futures pulled back in Thursday trading after the haven metal ended Wednesday at its highest level in roughly 2 1/2 months, boosted by geopolitical tensions.

Federal Reserve meeting minutes released after gold’s close Wednesday signaled dedication to higher rates at the U.S. central bank, pressuring metals prices, which had already strung together four days of gains without pause. Still, the so-called haven markets, including precious metals, remained supported by geopolitical shakiness focused on Syria and Russia, as well as lingering trade-war uncertainty.

Gold remained lower early Thursday after a tweet from President Trump shed some doubt on the immediacy of U.S. strike against Syria, offsetting a worrisome tweet from just a day earlier.

Early Thursday, June gold GCM8, -0.79% fell $10, or 0.7%, at $1,350.30 an ounce. The contract had jumped over 1% a day earlier to settle at $1,360. That was the highest finish since Jan. 25.

Gold fell as the ICE U.S. Dollar Index DXY, +0.22% which measures the greenback against six major rivals, was up 0.2% at 89.75. U.S. stock markets, meanwhile, tilted higher after Wednesday’s pronounced drop.

In electronic trading shortly after the release Wednesday afternoon of minutes from the Federal Reserve’s March meeting gold futures fell from the settlement to $1,354.40. The minutes reinforced the view that more interest-rate increases are on tap. Fed members also expressed their belief that inflation will pick up. Higher interest rates can boost the dollar and dull demand for dollar-denominated commodities, although some camps will always consider gold a hedge should inflation run too hot, even if the Fed is raising rates.

Trump early Thursday indicated that any strike on Syria may not be imminent, as hinted at earlier this week, although he left open the possibility for such action. Trump on Wednesday signaled in a tweet that a missile attack on Syria wasn’t far off, saying, “Get ready, Russia.”

Source:marketwatch.com

Gold futures pulled back in Thursday trading after the haven metal ended Wednesday at its highest level in roughly 2 1/2 months, boosted by geopolitical tensions.

Federal Reserve meeting minutes released after gold’s close Wednesday signaled dedication to higher rates at the U.S. central bank, pressuring metals prices, which had already strung together four days of gains without pause. Still, the so-called haven markets, including precious metals, remained supported by geopolitical shakiness focused on Syria and Russia, as well as lingering trade-war uncertainty.

Gold remained lower early Thursday after a tweet from President Trump shed some doubt on the immediacy of U.S. strike against Syria, offsetting a worrisome tweet from just a day earlier.

Early Thursday, June gold GCM8, -0.79% fell $10, or 0.7%, at $1,350.30 an ounce. The contract had jumped over 1% a day earlier to settle at $1,360. That was the highest finish since Jan. 25.

Gold fell as the ICE U.S. Dollar Index DXY, +0.22% which measures the greenback against six major rivals, was up 0.2% at 89.75. U.S. stock markets, meanwhile, tilted higher after Wednesday’s pronounced drop.

In electronic trading shortly after the release Wednesday afternoon of minutes from the Federal Reserve’s March meeting gold futures fell from the settlement to $1,354.40. The minutes reinforced the view that more interest-rate increases are on tap. Fed members also expressed their belief that inflation will pick up. Higher interest rates can boost the dollar and dull demand for dollar-denominated commodities, although some camps will always consider gold a hedge should inflation run too hot, even if the Fed is raising rates.

Trump early Thursday indicated that any strike on Syria may not be imminent, as hinted at earlier this week, although he left open the possibility for such action. Trump on Wednesday signaled in a tweet that a missile attack on Syria wasn’t far off, saying, “Get ready, Russia.”

Source:marketwatch.com

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