Gold Pushes Higher Post-Fed; Could Momentum Continue? - Phil Streible

Gold sees a modest uptick despite comments highlighting a potential June rate hike
Author:
Publish date:

KITCO NEWS - Gold futures saw a modest uptick despite comments highlighting a potential June rate hike in the minutes of the May Federal Reserve monetary policy meeting. The minutes noted: "Most participants judged that if economic information came in about in line with their expectations, it would soon be appropriate for the Committee to take another step in removing some policy accommodation." And, according to RJO Futures' Phil Streible, the metal's upside momentum could continue. Gold prices were showing modest gains ahead of the minutes but have pushed in positive territory in initial reaction as the U.S. dollar has weakened. June Comex gold futures last traded at $1,256.20 an ounce, relatively flat on the day.

This article was written by a staff member of TheStreet.