Gold falls to lowest since Aug 4 as FOMC minutes show hawkish bias
San Francisco (Aug 20) Gold broke earlier lows and is down $5 on the day to $1288 as the FOMC minutes showed a bias toward hiking rates sooner.
The initial move has faded somewhat with the market beginning to guard against a continued dovish bias from Yellen on Friday. The best bet for gold bulls might be a bounce on oversold conditions after 4 days of declines because there isn’t much technical support on the chart until $1280.
Spot gold closed down $4 to $1291, while spot silver inched up 6 cents to $19.51. However, platinum was hit hard dropping $11 to $1428 as palladium plunges neraly 2% to $867.