Gold Price Slightly Down Ahead Of Big US Data Week

New York (June 12)  Gold prices are slightly weaker in early U.S. trading Monday. A lack of new, bullish fundamental developments on the geopolitical front have somewhat limited buying interest in the safe-haven metal, and have allowed some profit taking from the shorter-term futures traders to occur. August Comex gold was last down $1.20 an ounce at $1,270.20. July Comex silver was last down $0.143 at $17.075 an ounce.

Focus is on this week’s FOMC meeting that begins on Tuesday morning and ends Wednesday afternoon with a statement. The Federal Reserve is expected by many to slightly raise U.S. interest rates. Traders and investors are also keen to see if the Fed acts to further reduce its big balance sheet of government securities.

U.S. economic data due for release Monday is light and includes the monthly Treasury budget statement. However, the U.S. report pace picks up speed significantly Tuesday and the rest of this week.

The “outside markets” on Monday morning see Nymex crude oil futures prices higher on short covering. The oil market bears still have the firm overall near-term technical advantage as prices are well below $50.00 a barrel. Meantime, the U.S. dollar index is weaker. The greenback bears also hold the firm near-term technical advantage.

Source: KitcoNews