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Gold prices rose on the back of a slightly weaker dollar on Wednesday, Reuters reported. The metal touched a four month low in light of the Greek debt crisis and a continued fall in the Chinese stock market. As quoted in the publication: The price of the yellow metal did not react to the June …
Gold prices rose on the back of a slightly weaker dollar on Wednesday, Reuters reported. The metal touched a four month low in light of the Greek debt crisis and a continued fall in the Chinese stock market.
As quoted in the publication:
The price of the yellow metal did not react to the June U.S. Federal Reserve policy meeting minutes that showed officials saying they needed to see more signs of a strengthening U.S. economy before raising interest rates.
“There was a bit of ambiguity there,” said Bart Melek, head of commodity strategy for TD Securities in Toronto, explaining why the gold market failed to react to the minutes.
“The Fed wasn’t fully committed. They hedged their bets saying they want to do it but are concerned about the international aspects.”
Melek was referring to expectations the Fed will raise interest rates later this year.
