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Gold drops amid FED's June hike

Gold futures, amid today's European trading session, increased losses, thus struggling near its four-week lows, while the FED's officials await the rate hike to take place as of next month, June.

Patrick Harker, President of the Philadelphia Federal Reserve Bank, said yesterday that should the economy resume growing, as per the predictions, two to three hikes on rates could likely take place this year.

Harker's comments came after John Williams, San Francisco Fed president stated that a proper increase on rates should be around two to three times, and three to four times for 2017.

Gold on the Comex division traded $6.75 lower

In the New York Mercantile Exchange on the Comex division, June's delivery on gold traded at $1,244.75 a troy ounce, shedding 0.54% or $6.75.

Gold futures were 4% lower so far until May, following FED's April meeting minutes having convinced the investors and the economist that there are high probabilities for two rake hikes, one in June, and one in July.

Moreover, copper futures traded to $2.060 a pound, rising 0.24% or 0.5 cents, while silver futures for July delivery traded at $16.30 a troy ounce, falling 0.75% or 12.3 cents.

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Tuesday, 24 May, 2016 / 8:12

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Source : https://www.argusfx.com/en/research-education/market-analysis/news/gold-drops-amid-fed-s-june-hike

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