MTECHTIPS;-Gold positive as investors await fed minutes


MTECHTIPS;-Gold positive as investors await fed minutes

MTECHTIPS-Gold prices moved into positive territory on Wednesday, benefiting from a tick lower in both U.S. bond yields and the dollar, as investors remained cautious ahead of the release of Federal Reserve’s minutes from its June meeting. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $2.77, or 0.23%, to $1221.95 a troy ounce. Gold bounced off session lows, after both the dollar and U.S. 10-Year eased, following the release of downbeat economic data, fuelling concerns about the pace of U.S economic growth. U.S. factory orders sank 0.8% in May following a smaller decline in April, below analysts’ expectations of a 0.5% decline. Gold is sensitive to moves higher in both bond yields and the U.S. dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion. The report comes ahead of the release of the Federal Reserve’s minutes from its June 13-14 meeting, which many investors are expected to parse for clues about future monetary policy. The Federal Reserve has previously signalled its intention to raise rates at least once more this year, after hiking rates for the second time this year in June.

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