Gold feeling pressure after comments from San Francisco Fed President John Williams and Atlanta Fed President Dennis Lockhart. They both indicated that the Fed could raise rates two or three times this year.
The labor department reported inflation picked up in April at 0.4 percent, the largest gain since February 2013.
Higher oil prices fueling the inflation figures giving some at the Fed some ammo to consider a rate hike sooner than later.
Later today, the Fed will release the minutes from the last meeting as the street patiently awaits the news before taking on any positions.
A Stronger dollar ( 7 week high) and slow physical demand is keeping pressure on the price of gold and silver. Any indication from the Fed this afternoon at 2pm that rate hikes are a possibility at the next meeting or two, I expect to see a strong sell off in the yellow metal.
Author Name: Walter Pehowich
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