MTECHTIPS;-Gold off lows; Fed minutes on tap

MTECHTIPS;-Gold off lows; Fed minutes on tap

MTECHTIPS- Gold futures steadied on Wednesday, as investors awaited the release of the Federal Reserve’s minutes to its May meeting, to gauge sentiment among Fed officials concerning future monetary policy. Gold for June delivery on the Comex division of the New York Mercantile Exchange fell $1.84 or 0.15%, to $1,253.33 a troy ounce by 13:43 EDT. Investors are expected parse the Fed minutes for possible changes in the Federal Reserve’s outlook concerning the path of U.S. interest rate hikes, after the recent batch of economic data showed a slowdown in U.S. economic activity in the first quarter. U.S. economic growth, measured by Gross Domestic Product (GDP), rose by annualized rate of just 0.7% for the first three months of 2017. It was the slowest period of first-quarter economic growth since 2014. In a statement immediately following the release of its decision to keep its benchmark rate unchanged in May, the Federal Reserve reiterated that monetary policy remained accommodative to support both an uptick in labor market conditions and a sustained return to 2% inflation. Although, the US labor market continued to show signs of strength, as unemployment dropped to 4.4% the lowest level since 2007, the rate of inflation slowed to 2.2% in April from a peak of 2.7% achieved in February.
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