Gold inches lower ahead of rate decisions, data in focus say Yamaguchi Laurentian Securities

Yamaguchi Laurentian Securities // Gold prices slipped on Monday, as investors awaited speech from Fed’s chief Janet Yellen later this week, while concerns about escalating violence in the middle east continued to boost demand for the haven currencies reported Yamaguchi Laurentian Securities.

On the Comex division of the New York Mercantile Exchange, gold for September delivery held in a range between $1,322.12 a troy ounce and $1,1376 an ounce. The precious metal last traded at $1,223.00 an ounce during London session, advancing 0.23 per cent, or $6.65. Futures dipped 0.15 per cent, or 41 cents on Tuesday to settle at $1,315.60.

The US central bank is expected to reiterate its plans to keep interest rates on hold for a longer period in Yellen’s highly anticipated congressional testimony scheduled for next week. Yamaguchi Laurentian Securities said that this is in spite of last month’s stronger-than-expected inflation figures.

Yamaguchi Laurentian Securities investors continued to monitor unrest in the Gulf region, as the war between Saudi Arabia and Yemen continued to escalate, stoking fears that the crisis will develop and drag the major powers deeper into the standoff.

The bullion continues benefit from geopolitical clash since it’s seen as a safe haven investment.

A separate report released earlier showed that Chicago’s manufacturing PMI Index fell to 44.2 in April from 35.2 in March, underlining concerns that an overall weak recovery in the world’s biggest economy is deepening.

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