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Gold price traded lower on yesterday's release of the Fed's April monetary policy meeting minutes. It is unlikely that the Fed will start to hike its interest rate in June.
Some policymakers expect that the Fed may raise its interest rates in June. Members noted that the Fed was on track to hike its interest rates in June. Many policymakers said that it unlikely that the economic data available in June would provide sufficient confirmation that the conditions for hiking interest rate had been met.
Today's U.S. economic data was weaker than expected. The U.S. preliminary manufacturing purchasing managers' index (PMI) fell to 53.8 in May from 54.1 in April, missing expectations for a rise to 54.5. It was the lowest level since January 2014.
Sales of existing homes declined 3.3% to a seasonally adjusted annual rate of 5.04 million in April from 5.21 million in March.
The Philadelphia Federal Reserve Bank's manufacturing index unexpectedly decreased to 6.7 in May from 7.5 in April, missing expectations for a rise to 8.0.
July futures for gold on the COMEX today decreased to 1205.40 dollars per ounce.
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