Gold futures rebounded from a two-week low, underpinned by weaker equities and a wavering dollar. Copper prices declined.
Gold futures for June delivery +0.1% at $1,274.40/oz at 9:38am in N.Y. Price dropped to $1,269 on Tuesday, the lowest intraday level since May 3.
Equities dropped amid signs of deepening U.S.-China trade tensions, bolstering demand for bullion as a haven. The Bloomberg Dollar Spot Index pared an early advance and was mostly lower against its G-10 peers. Traders await minutes of the Federal Reserve’s most recent meeting later Wednesday. Fed Bank of St. Louis President James Bullard said in an interview that U.S. policy makers may have “slightly overdone it” by raising interest rates in December, though it’s premature to talk about a rate cut.
Source : Bloomberg