Gold was under pressure after minutes of the Federal Reserve's most recent policy meeting hinted at fierce debate over when to raise US interest rates. Some members preferred hike in rates sooner than forecast thanks to improvements in the job market and risks associated with ultra-easy monetary policy.
A batch of upbeat economic data from the US earlier today showed existing home sales unexpectedly rose to a ten-month high in July, and a
Meanwhile, a Conference Board report showed a bigger than expected increase of its index of leading US economic indicators in July, suggesting the economy is gaining traction.
As well, the closely watched regional manufacturing activity from the Federal Reserve Bank of
Markets will also be paying close attention to top bankers at the Fed's annual Jackson Hole symposium on Friday, including the Fed Chair
Gold for December delivery, the most actively traded contract, plunged
Gold for December delivery scaled an intraday high of
On Wednesday, gold futures ended lower for a fourth day in a row, ahead of the minutes of the US Federal Reserve's July policy meeting, with the dollar trending higher against a basket of select currencies.
The dollar index, which tracks the US unit against six major currencies, traded at 82.17 on Thursday, down from its previous close of 82.24 late Wednesday in North American trade. The dollar scaled a high of 82.36 intraday and a low of 82.10.
The euro ended higher against the dollar at
In economic news, a report from the
Meanwhile, Philadelphia Federal Reserve said its index of regional manufacturing activity unexpectedly reached a new three-year high in August, rising to 28.0, from 23.9 in July.
In economic news from the eurozone, private sector growth eased more-than-expected in August, with the zone's composite output index falling to 52.8, from a score of 53.8 in July, data from Markit Economics showed. The indicator was expected to fall marginally to 53.4.
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OCTOBER 30, 2014
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