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Gold books sharpest daily drop in about 2 weeks

39874 gold books sharpest daily drop in about 2 weeks

Gold futures closed lower on Wednesday, snapping 4-sessions of gains, as the dollar climbed and investors awaited the release of the Federal Reserve’s early May policy meeting for hints about its future policy course. Gold for June delivery GCM22, -0.03% [s:gc00] shed $19.10, or 1%, to settle at $1,846.30 an ounce on Comex. That marked its biggest daily percentage drop since its 1.6% tumble on May 12, according to FactSet data. Pressure on the precious metals comes as stocks SPX, +0.95% were struggling for direction ahead of the minutes release at 2 p.m. Eastern, but the dollar DXY, +0.05% advanced.

Source: Marketwatch

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