Gold Edges Lower as Market Awaits Fed Minutes; Central Bank Demand Offers Support – ING
ING strategists report that gold has retreated from an earlier gain as traders look ahead to the June FOMC minutes. The metal remains supported by central bank demand and is moving in line with evolving US rate expectations.
Gold has edged lower after an early advance, according to ING strategists Warren Patterson and Ewa Manthey. The dip comes as market participants await the release of the June Federal Open Market Committee (FOMC) minutes for further clues on the US rate path.
The metal continues to trade in line with shifting US interest-rate expectations, which remain the primary short-term driver. However, ING notes that central bank demand is underpinning prices, providing a floor despite the pullback. The precious metal is holding above key support levels as the market digests monetary policy signals.
Source: FXStreet Forex News