Investing.com – Gold prices hovered above session lows as traders dumped safe-haven assets after geopolitical tensions calmed as U.S. President Donald Trump backed away from his aggressive stance on military intervention in Syria.
for June delivery on the Comex division of the New York Mercantile Exchange fell by $18.20, or 1.35%, to $1,341.70 a troy ounce, and remained close to session lows of $1,338.70.
In a surprise turnaround of events, U.S. President Donald Trump backtracking from his aggressive stance on Wednesday, when he warned Russia to prepare to intercept “nice, new, and smart” missiles.
Gold prices were also reeling from a hawkish Federal Reserve minutes released Wednesday showing policymakers remained confident that inflation would hit the Fed’s 2% target, , Investing.com’s Fed rate monitor tool showed.
“Members expected that economic conditions would evolve in a manner that would warrant further gradual increases in the federal funds rate,” the Fed said in the minutes.
“Most participants commented that the stronger economic outlook and the somewhat higher inflation readings in recent months had increased the likelihood of progress toward the Committee’s 2 percent inflation objective.”
In other precious metal trade, fell 1.69% to $16.49 a troy ounce, while fell 0.18% to $935.60 an ounce.
fell 1.76% to $3.06.
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Source: Investing.com
