Weekly Gold Review: COMEX Futures Hold Above $1300 Per Ounce

Gold futures edged up as investors continued to assess potential trade tensions and the possible cancellation of a June summit between the US and North Korea. In a key release for Gold, the minutes of the most recent meeting, the Federal Reserve continues to project two more rate hikes are on the way this year with three more on the way for 2019. There was no interest rate hike at the May meeting, but policy makers debated the threat of inflation and acknowledged trade-related uncertainties. The minutes also revealed little concern about inflation, suggesting the Fed will maintain its gradual approach to raising rates. COMEX Gold has tested a five month low before edging up and needs to stay above $ 1300 for a sustained upmove as fund buying is unlikely to kick in given the current price environment for the yellow metal. Worries over domestic demand remain in place. Indias Gold imports stood at Rs 16930.91 crore in April 2018, recording a slide of nearly 32% over year.