Gold Falls as Investors Await Fed Minutes for Stimulus Outlook
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Gold futures in New York headed for their biggest drop in a week before the Federal Reserve releases minutes from its previous meeting that may signal when U.S. policy makers plan to slow stimulus.
The Bloomberg U.S. Dollar Index, which tracks the greenback against 10 major currencies, rose the most in a week, reducing the appeal of bullion as an alternative asset. The Federal Open Market Committee will release the minutes of its July meeting today, reducing the appeal of bullion as an alternative asset. The FOMC will start to taper its bond buying at its September meeting, according to 65 percent of economists surveyed by Bloomberg from Aug. 9-13.