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Gold struggles close to 3-1/2 month minimum

On Tuesday, during European trade gold futures struggled close to their lowest minimum for three months because traders are getting back from the long Memorial Day weekend awaited data, which could potentially back some Fed officials’ upbeat views on the American economy.  

The Commerce Department is going to release its core personal consumption expenditure index or PCE for April, along with personal income as well as spending for the same period soon.  Furthermore, traders are awaiting data from the Conference Board.

Solid readings could further increase expectations for a move as soon as the Fed’s next policy gathering is scheduled on June 14-15.

In New York, June delivery gold futures sank $1.95, trading at $1,214.75.

Yesterday, the number one precious metal tumbled to a trading session minimum of about $1,199.00, a level not observed since February 17, as market participants kept factoring in an increased chance of a near-term American interest rate rise.

 

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