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Gold declines ahead of Fed minutes

20th August 2014

Gold futures have fallen in commodities trading markets today (August 20th), weakening below the $1,300 level ahead of the publication of the minutes from the Federal Reserve's July policy meeting. 

Bullion was sent lower yesterday after official data showed a 15.7 per cent increase in US housing starts last month. In addition, the number of new housing permits granted to residential construction firms accelerated, indicating underlying strength in the homebuilding sector.

This added to the optimism regarding the US economic recovery, heightening speculation the Federal Reserve may consider lifting interest rates earlier than previously anticipated.

Today's minutes will be scrutinised for further clues as to the bank's intentions, while chair Janet Yellen is set to address top bankers and economists in Wyoming on Friday.

On the Comex division of the New York Mercantile Exchange, gold for December delivery declined by 0.21 per cent to $1,294.00 per ounce early in the European trading session.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.