Gold struggles ahead of Fed speakers
On Tuesday, gold prices struggled for direction in subdued European trade as market participants waited for comments from a barrage of the Fed officials later during the trading session in order to judge the overall balance of opinion among policymakers on the prospect of further interest rate lifts.
James Bullard, St. Louis Fed President is set to speak a bit later today on the Gateway Chapter of the National Association for Business Economics.
Apart from that later today Daniel Tarullo, Fed Governor is expected to provide a series of long-awaited remarks on shadow banking. At the same time, Neel Kashkari Minneapolis Fed President is supposed to offer remarks on the American economy as well as the role of the Fed.
In New York, August delivery gold futures slumped 0.05%, trading at $1,356.00 per troy ounce.
Yesterday gold futures edged down 0.13%. It’s because decent revenues in global equity markets dampened demand for the number one precious metal.