Prices of the yellow metal edged lower on Wednesday amidst uncertainty over the Fed's future rate hikes and hopes of a pause signal. While the Fed is widely expected to raise rated by 25 basis points in the current review, markets are still guessing how the Fed would strike a balance between financial stability and price stability, going forward.
The Dollar Index (DXY), a measure of the Dollar's relative strength against a basket of six currencies dropped 0.33 percent overnight to 101.62. The day's range was between a low of 101.50 and a high of 101.92. The Dollar's weakness however did not suffice to firm up the prices of the yellow metal.
Fresh indications of stress in the U.S. banking sector also did not suffice to convincingly lift the prices of the yellow metal.
Gold Futures for June Settlement shed 0.12 percent to trade at $2,020.95. The day's trading range has been between $2,017.20 and $2,028.30.
Spot Gold has lost 0.16 percent to trade at $2,013.56 per troy ounce. The day's trading range has been between $2,008.40 and $2,019.57.
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