Gold Prices Generally Down Ahead of Federal Reserve Meeting Minutes

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Gold prices held flat to weaker in Asia early Tuesday ahead of Federal Reserve minutes to be released later this week.

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The Federal Reserve’s April policy meeting minutes will be released on Wednesday. Last week’s mixed bag of economic indicators generally supported gold prices, Investing.com reported.

The preliminary Thomson Reuters/University of Michigan consumer sentiment index fell to 81.8 in May from 84.1 in April, confounding market expectations for a 84.5 reading, which softened the dollar.

On the flip side, the Census Bureau reported that US building permits rose 8% to 1.080 million units last month, up from an upwardly revised 1.000 million in March. Analysts were expecting building permits to rise to 1.010 million units in April.

The day’s biggest mover was Japanese gold bullion, dropping 0.8 percent to settle at JPY 4,231 ($41.66) per gram on Monday, May 19. Indian gold bullion closed 0.2 percent lower at INR 27,450 ($468.67) per 10 grams. The price of Chinese gold bullion remained steady at CNY 260.30 ($41.79) per gram. US gold bullion stayed flat at around $1,297 per ounce.

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The price of Indian silver fell 0.4 percent to INR 42,811 ($730.94) per kilogram. The price of Japanese silver closed at JPY 642.00 ($6.32) per 10 grams. Following a couple days of improvement, the metal’s price weakened by 0.3 percent. The price of Chinese silver declined 0.2 percent to CNY 4,140 ($664.59) per kilogram. US silver held its value on Monday at $19.46 per ounce.

The price of Japanese platinum bar closed at JPY 4,804 ($47.30) per gram. Following a couple days of improvement, prices fell by 0.5 percent. The price of Chinese platinum bar increased 0.3 percent to CNY 311.00 ($49.92) per gram. At $1,463 per ounce, the price of US platinum bar was essentially unchanged.

After a 0.5 percent increase, Chinese palladium bar finished the day at CNY 184.00 ($29.54) per gram. The price of Japanese palladium bar showed little movement yesterday at JPY 2,687 ($26.46) per gram. US palladium bar saw little change in its price yesterday at $809.00 per ounce.

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