Gold Prices Showing Significant Move Back To The Downside

(RTTNews) - Following the advance seen during Tuesday's session, the price of gold has shown a notable move back to the downside during trading on Wednesday.

Gold for December delivery has slumped $45.70 or 1.1 percent to $4,141.40 an ounce after climbing $30.30 or 0.7 percent to $4,187.10 an ounce during Tuesday's session.

The price of gold came under pressure early in the session amid an increase by the price of crude oil and a rebound in treasury yields.

However, gold prices have moved sharply lower even as the price of crude oil has shown a significant downturn over the course of the day.

Treasury yields have also shown a notable pullback after an early surge, as the Treasury Department's ten-year note auction attracted well above average demand.

The continued weakness among gold prices may reflected a rebound in the value of the U.S. dollar, with the U.S. dollar index climbing by 0.4 percent.

Traders are also looking ahead to the release of the Federal Reserve's latest monetary policy meeting later this afternoon.

The minutes may shed additional light on Fed officials' thinking ahead of the central bank's next interest rate decision later this month.

Ahead of the release of the minutes, CME Group's FedWatch Tool is currently indicating an 80.6 percent chance the Fed will leave rates unchanged and just a 19.4 percent chance of another quarter point rate hike.