Gold edges down to the lowest value in 4 weeks

Gold edges down to the lowest value in 4 weeks

On Monday, gold dipped to the lowest value in four weeks in European trade because traders looked ahead to a busy week of Fed speakers for more signals on future monetary policy moves.

In New York, gold futures hit $1,253.74 a troy ounce, sliding 0.2%. Overnight the number one precious metal dipped to $1,252.20, which is the lowest value since May 24.

Besides this, silver futures lost approximately 0.3%, reaching $16.60 a troy ounce, having reached its lowest value since May 19 at $16.58.

The previous week, the Fed increased interest rates as expected and also maintained ambitious plans to go ahead with another rate lift by year-end. Additionally, the US major bank also provided more details as for how it intends to reduce its huge $4.5 trillion balance sheet.

Notwithstanding the Fed's quite hawkish message, investors remained doubtful as for the major bank's ability to lift rates as much as it would like before the end of 2017 because of a recent run of dismal American economic data.

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