Gold Futures Hold Near Almost-two-month Lows Ahead of Fed’s Minutes

Gold futures prices resumed their downward rally on Wednesday after an advance in the previous session. The precious metal gained ground on Tuesday on the back of reports that showed North Korea had launched a missile that could land in Japanese exclusive economic zone, but turned lower on Wednesday ahead of Fed’s minutes.

Gold futures prices for August delivery edged lower to trade at $1218.00 an ounce – the lowest level since May 11th in North American trade on Wednesday as dollar held firm. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, added 0.16% at a one-week high of 96.14.

U.S. market will reopen today after having closed for July 4th holiday. Later in the day, the Federal Reserve will release minutes of its most recent policy meeting where the central bank raised interest rates as widely expected. The minutes were expected to provide fresh clues on the likelihood of another U.S. interest rate hike this year.

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