Gold market awaiting Wednesday release of June FOMC minutes


11/07/2012 14:53 AST  Commodityonline
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The gold market is looking ahead to the release of the minutes from the June meeting of the Federal Open Market Committee, scheduled for 2 p.m. EDT Wednesday.

Traders will be watching for clues on how close policy-makers might be toward further monetary accommodation.

“With little in the way of U.S. economic releases ahead of the Fed minutes, bullion prices may be subject to even modest changes in investor sentiment regarding the tone and direction of the Fed minutes,” said HSBC precious-metals analyst Jim Steel.

“Investors will be especially alert to any substantive differences in the wording from the previous minutes or change in tone. We believe a shift towards further monetary easing has the potential to send prices back over USD1,600/oz,” he added.

Conversely, said Alex Thorndike, senior trader for precious metals and foreign exchange with MKS Capital, “if there is no dovish surprise, I feel we could see a continual grind lower.”

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