Gold Prices Back Off As U.S. Dollar Index Bounces

(Kitco News) - It's a choppy trading afternoon for gold, in the wake ofthe FOMC minutes released earlier this afternoon. Gold prices initially sawlittle reaction to the FOMC minutes, but then rallied with the U.S. dollarindex sold off. Then the U.S. dollar index rebounded from its lows totrade higher in the day, which prompted selling pressure in gold that drove itsprices to daily lows. The U.S. stock indexes initially rallied on the FOMCminutes' release, but have since lost much of their gains. It's turning out to beanother active, post-FOMC-minutes trading afternoon, with markets still sortingout what the FOMC minutes mean for the marketplace. April gold was last down $4.90 an ounce at $1,326.30.

By Jim Wyckoff

For Kitco News

Follow @jimwyckoffjwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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