Gold prices are falling on Wednesday after four sessions of growth in a row, investors are waiting for the publication of the minutes of the May meeting of the US Federal Reserve System (FRS).
June gold futures fell 0.15% by 15:33 Moscow time on the Comex exchange, to $1,854.70 per troy ounce. Over the past five sessions, quotes have risen by 2.2%, according to MarketWatch data.
The minutes of the Fed meeting held on May 3-4 will be published at 21:00 Moscow time. Investors hope to see new signals in this document regarding the future plans of the regulator in the field of monetary policy.
Precious metals are traditionally viewed as defensive assets, and their prices tend to move in the opposite direction of stock indices. However, in recent months, they have been moving in sync, and on Wednesday gold and silver are getting cheaper along with futures for US indices, while US government bond yields are declining.
“Gold and silver are now trading as risky assets,” said Marshall Gittler, head of investment research at BDSwiss, with surprise.
July silver futures are down 1.08% to $21.825 an ounce.