Gold down ahead of Fed minutes

Chicago, April 5 (IANS) Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly as traders awaited the release of the Fed minutes.

The most active gold contract for June delivery on Monday fell $4.2, or 0.34 percent, to settle at $1,219.30 per ounce.

Analysts noted a fall in the price of the precious metal ahead of the release of the Federal Reserve Open Market Committee minutes on Wednesday and analysts thought latest comments from Fed official have boosted traders’ expectations of early rate hike.

Boston Fed president Eric Rosengren said on Monday at a conference that interest rate hikes may occur sooner than the market expects given the resilience of the economy.

On Friday, the US Department of Labor showed nonfarm payrolls rising by 215,000 in March, higher than expectations. Analysts noted that although the unemployment rate increased to 5 percent, this is still a sign of a strengthening U.S. economy.

Silver for May delivery fell 10.2 cents, or 0.68 percent, to close at $14.944 per ounce. Platinum for July delivery dropped $11.7, or 1.22 percent, to close at $943.50 per ounce.

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