Gold prices headed lower on Thursday, retreating in uneven trade for the yellow metal that looks likely to end a two-session string of gains as investors weigh responses to COVID-19 pandemic.
Analysts noted also that minutes from the policy-setting Federal Open Market Committee helped to fuel worries of deflation which wouldn’t be bullish for gold that tends to draw bids in inflationary environments.
Overall, Fed minutes that were released a half-hour after gold prices officially settled on Wednesday, indicated that the central bank would use “the full range” of their tools to support the economy through the challenging pandemic.
Gold for June delivery on Comex declined $16.10 an ounce, or 0.9%, at $1,736 an ounce, after ending 0.4% higher in Wednesday’s close.
Meanwhile, July silver fell 35 cents, or 2%, to $17.675 an ounce, following a 0.7%, gain in the previous session.
Source : Market Watch