Gold Settles Lower, Then Climbs In Electronic Trade After Fed Minutes

By Myra P. SaefongMarketsMarketWatch Pulse

Gold prices suffered back-to-back losses Wednesday, then climbed in electronic trading shortly after the release of minutes from the U.S. Federal Reserve’s May policy meeting. Most Fed officials said it would "soon" be time to raise rates again. Financial markets are currently pricing in an 83% probability of a rate hike in June, according to CME’s FedWatch tool. The ICE U.S. Dollar Index , which had been trading nearly flat, inched lower against most currency rivals in the wake of news. June gold was at $1,255.70 an ounce in electronic trading. Prices lost $2.40, or 0.2%, to end at $1,253.10 an ounce for the session.

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