WASHINGTON (dpa-AFX) - With the Federal Reserve's policy decision to be released soon, the Middle East crisis and fears of US participation kept gold prices steady on Wednesday.
Front Month Comex Gold for June delivery gained $3.20 (or 0.09%) to settle at $3,389.80 per troy ounce today. Today's settlement value is the sixth highest for this year.
Front Month Comex Silver for June delivery lost 22.40 cents (or 0.60%) to settle at $36.866 per troy ounce today.
The pre-emptive airstrikes Israel conducted on Iran on June 12th, which impacted global stock and commodity markets heavily, continued for the sixth straight day and have reached a crucial stage.
So far, while Iran suffered more than 240 casualties, Israel has lost around 25 lives.
Investors are keenly watching the developments in the Middle East with the President Donald Trump stating that he has encouraged Israeli PM Benjamin Netanyahu to 'keep going' with his attack on Iran and also that he has offered Iran the 'ultimate ultimatum' when asked about US military intervention. However, Iranian Supreme Leader has rejected Trump's demand for unconditional surrender.
On the economic data front, data provided by the Commerce Department revealed that housing starts dropped sharply by 9.8% month-over-month to 1.256 million units, below the market expectations of 1.36 million.
Data provided by the Department of Labor revealed that Initial Jobless claims dropped lower by 5000 to 2,45,000 for the period ending June14, as expected while the Continuing Jobless claims decreased to 19,45,000 for the week ending June 7 from 19,51,000.
These results bolster the view that US labor market is softening from its earlier resilience.
Notably, a World Gold Council survey showed that 95% of central banks expect global gold reserves to rise over the next year with a record 43% planning to up their holdings.
All eyes are now on the Federal Reserve's announcement today soon, on economic projections and their decision on policy rates.
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