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Gold May Fall On FOMC Meeting Minutes And Non Farm Payroll
Monday, 06 April 2015 05:36

Gold May Fall On FOMC Meeting Minutes And Non Farm Payroll

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Gold rally continues as low prices accelerated physical buying. Large bullion funds and investors dumped their holding on tapering that dragged Gold prices to the year low of $1181.40 on December 31st dropped metal prices by 26% last year, highest in last 13 years. But small investors are encouraged to buy haven asset at lower prices. The metal gained by 3.40% during last week and made the high of $1248.46 yesterday.

It is expected that physical buying from china has increased that had almost overtaken India from the largest gold importing country last year. India may lift strict import restriction on Gold that is inspiring smuggling activity. This may support Gold prices in near future. High prices are not expected to sustain in the present market as Fed meeting minutes and payroll data are in queue for this week.

Meeting minutes may show different views of committee members on tapering if they all are in favor of gradual stimulus cut then it may have negative impact on Gold. Payroll data on Friday is also likely to improve as seasonal demand during last month could have generated more employment in the market. Fear of further stimulus cut may bring down the Gold prices again near to the level of $1200.

Low inflation rate, strengthening USD against its major peers and Fed tapering may move precious metal to sideways.

 

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