25th May 2017

 Gold recouped earlier losses and climbed back towards the $1,260/ounce level on Wednesday, eking out a modest gain on the day. Silver and platinum both edged higher as well, but palladium remained under pressure, closing around $764. The recovery in the precious group was largely attributable to the tone of the Fed minutes having to do with the May meeting. The central bank said that it was on track to raise rates in June, noting that most “participants viewed the recent softer growth and inflation data as primarily reflecting transitory factors.” The Fed said that it was also laying plans to reduce its $4 trillion balance sheet by discussing strategies for gradually scaling back reinvestments of maturing securities. However, the Fed was not so emphatic about its rate increases, reiterating that its decisions were data-dependant. This may have triggered the rally in gold while also weakening the dollar in the process. In fact, the greenback lost the most ground against the yen, falling to 111.61 from roughly 112 pre-release. In the equity markets, US stocks meandered in a rather tight range before closing higher for a fifth consecutive day.

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