Gold down ahead of Fed’s minutes
Adam Pike, News Editor
22 May 2014, 10:24 a.m.
The gold price fell yesterday as both the dollar and international equities recovered following a sluggish start to the day. Gold traders remained cautious as they wait for the publication of the Feds April meeting, which is to be published later today.
No rate rise is expected until mid-2015 but gold traders will be looking for any forward guidance from the Fed.
Platinum increased to a two month high as labour disputes in South Africa’s largest mines rolled into the 17th consecutive week. Experts are becoming increasingly concerned shortages will soon appear as supply drops and demand picks up. Platinum refiner, Johnson Matthey, confirmed on Tuesday they expect the platinum market to post a 1.1218 million ounce deficit this year, which would equate to the largest deficit on record.
The global gold spot gold fell 0.3% to $1,290.30 per ounce and assets in the world’s largest gold ETF, the SPDR gold trust, declined by 1.79 metric tonnes.