Gold fell slightly

Quotes of gold fell slightly on the recent statements by the Fed. Additionally, investors await the publication of FOMC meeting minutes which could shed light on the Central Bank plans for the timing of interest rate increases.

Fed's Dudley said the Fed admits raising rates as early September. "We are approaching the moment when it is appropriate to re-raise the rate. Employment in the last 3 months is growing at an average rate of 190 thousand per month, and economic growth should accelerate in the 2nd half of the year. There are signals of accelerate wage growth. overall, the US economy is in good condition. "

Atlanta Fed President Lockhart said he's optimistic about the economic outlook, and therefore feel justified in raising rates. He added that the weak data on US GDP for the 2nd quarter should be viewed in the context of other factors. "Most of the fundamental factors right now havea positive effect on consumer spending. I remain confident in the prospects for the economy in the 2nd half of 2016 and 2017." - Said Lockhart.

According to the futures market, the probability of a Fed hike is 18% in September. Meanwhile, the probability of a rate hike in December is estimated at 45.5% versus 45.1% yesterday.

"The recent fluctuations in gold are associated with speculation about when the Fed will raise interest rates - said Simon Gambarini, an analyst at Capital Economics -. We have to wait for the publication of the Fed's meeting minutes in order to have a better idea of ​​when the officials start to raise rates" .

The gold reserves in the largest ETF SPDR Gold Trust rose on Tuesday by 0.19 percent, reaching the level of 962.23 tons.

Since the beginning of the year gold has risen in price by about 27%, helped by concerns about global economic growth and expectations of monetary stimulus.

The cost of the October futures on COMEX fell to $ 1347.00 per ounce.