Gold slides to 1-week low; hit by robust dollar ahead of Fed minutes

Gold slid to its lowest in a week on Wednesday, extending steep overnight losses triggered by a stronger dollar and stock market, with traders now waiting for minutes of the Federal Reserve’s policy meet for clues on the U.S. rate outlook.

Spot gold fell 0.3 percent to $1,204 an ounce by 0643 GMT, after earlier dropping to a one-week low of $1,203.35. The metal lost 1.5 percent on Tuesday, snapping a five-day rally.

A drop in holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, to a four-month low of 718.24 tonnes on Monday also undermined investor appetite for gold.

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Posted in: Indian Market Tips