by Ben Traynor, Wealth Wire:
The spot gold price dropped below $1600 an ounce for the first time in six months Wednesday, as the Dollar strengthened and stock markets were broadly flat, ahead of the publication of the latest Federal Reserve policy meeting minutes later today.
Silver fell to $29.19 an ounce, also a six month low, while other commodity prices were little changed on the day.
Major government bond prices fell, with UK Gilts dropping sharply along with the Pound following the latest Bank of England minutes.
Dealers in India reported an increase in gold buying today, with some citing next week’s budget as a factor.