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MTECHTIPS:-Gold falls mildly in spite of weaker dollar, ahead of Fed minutes

MTECHTIPS:-Gold falls mildly in spite of weaker dollar, ahead of Fed minutes

 Gold futures fell slightly even as the dollar dipped to a three-week low, ahead of the release of the Federal Open Market Committee’s minutes from its September meeting on Thursday afternoon. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded in a tight range between $1,136.00 and $1,145.90 an ounce before settling at $1,143.60, down 5.10 or 0.44% on the session. With the mild losses, the precious metal halted a four-day winning streak. It came one day after gold futures surged above $1,150 an ounce to reach its highest level in two weeks. Over the last month of trading, gold futures have gained more than 2% in value. Gold likely gained support at $1,105.80, the low from October 2 and was met with resistance at $1,152.90, the high from Oct. 7. Metal traders await the release of the minutes from the Federal Reserve’s September meeting on Thursday afternoon for further clues on whether the U.S. central bank could raise short-term before the end of the year. In a widely expected decision, the FOMC voted to hold its benchmark Federal Funds Rate at a level between zero and 0.25% for the 55th consecutive meeting. Citing weakness in China and the global economy as a whole, the FOMC opted to leave short-term rates at its current near-zero level in a near unanimous vote. Adopting a relatively dovish stance, Fed chair Janet Yellen indicated that the FOMC will begin to normalize monetary policy when it had seen further improvement in the labor market and was “reasonably confident” that long-term inflation appeared close to reaching its targeted goal of 2%.

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