Metals Stocks: Gold poised to log a 1-week high on Fed meeting minutes and a drop in the U.S. stock market [MarketWatch]
IHS Markit Ltd. Common Shares (INFO)
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Source: MarketWatch
Gold poised to log a 1-week high on Fed meeting minutes and a drop in the U.S. stock market Gold futures headed toward their highest finish in a week on Thursday, finding support from declines in the U.S. stock market, following Federal Reserve meeting minutes out a day earlier that revealed a panel seemingly comfortable with its patient stance on interest rates. June gold GCM19, +0.86% on Comex was up $9.70, or 0.8%, at $1,283.90 an ounce, on track for the highest settlement since May 16, according to FactSet data. Thursday Prices ended higher Wednesday and boosted that gain in the after-hours, when the minutes were released. The moves follow Tuesday’s finish at the lowest most-active contract settlement since May 2. The minutes from Federal Open Market Committee’s April 30-May 1 meeting released on Wednesday revealed that the FOMC members agreed that their inaction could last for “some time.” “Interest rates are steady, if not possibly going lower by year end,” said Jeff Wright,
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