Precious
metals edge a touch lower, with ranges narrowing and prices
consolidating after an erratic session Monday, which initially saw
prices slump toward April lows, before dramatically reversing. The
latter move, was helped by a weaker
U.S. dollar, which serves to lift the appeal of the dollar-denominated
precious metals to buyers with other currencies. "All eyes will be on
the release of the Federal Reserve policy meeting minutes Wednesday for
further clues to plans on quantitative easing," Numis notes. A
curtailing of QE would likely dent gold as a hedge against
liquidity-fueled inflation and currency weakness, it adds. Spot gold is
down 0.2% at $1,390.35/oz.
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