Gold slightly down with slew of U.S. data on tap

Gold slightly down with slew of U.S. data on tap

21 May 2015, 14:51
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Gold prices saw slight losses in early U.S. trade Thursday. This week's rally in the U.S. dollar index has undermined bullish enthusiasm in the precious metals markets.

On the Comex, June gold was last down $2.00 at $1,206.70 an ounce, while July Comex silver was last up $0.017 at $17.13 an ounce.

Thursday marks a busy day for U.S. economic data, and precious metals markets could be more active following the release of all reports. Markets await the weekly jobless claims report, the Chicago Fed national activity index, the U.S. flash manufacturing purchasing managers’ index, leading economic indicators, the Philadelphia Fed business survey, the Kansas City Fed manufacturing survey, and existing home sales.

The U.S. index is seeing a corrective pullback Thursday morning, following strong gains earlier in the week.

Wednesday afternoon’s FOMC minutes somewhat undermined the enthusiasm of the greenback bulls, as the Fed does not look to be raising U.S. interest rates at the June FOMC meeting.

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