Gold edged lower on Wednesday to hover near a two-week low, as a stronger dollar and signs of easing Sino-U.S. friction dented demand for bullion ahead of the minutes from US Federal Reserve's latest meeting.
Spot gold edged down 0.1 percent to $1,274.10 per ounce at 0443 GMT. In the previous session, the metal fell to $1,268.97, its lowest since May 3.
US gold futures were unchanged at $1,273.70 an ounce.
The dollar hovered near a four-week high supported by higher US yields, which rose overnight after the United States eased trade restrictions on Chinese telecommunications equipment maker Huawei Technologies Co Ltd.
"A stronger dollar and Washington's extension to Huawei for 3 months has put the knife into gold," OANDA analyst Jeffrey Halley said.
Gold is now more than 5 percent below its late-February 2019 peak of $1,346.73 per ounce.
Meanwhile, investors await the release of US Federal Reserve's minutes at 1800 GMT, which is expected to provide insights into the May 1 meeting by the central bank, when policymakers kept interest rates steady and signaled little appetite to adjust them any time soon.
On Monday, Fed Chair Jerome Powell reiterated his unmoved demeanor stating it was premature to ascertain the impact of trade and tariffs on monetary policy.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}