Gold prices fell as the stock market rose

                                                                                    INQUIRY

      Gold prices fell slightly on Wednesday as stocks rose and investors focused on the minutes of the July meeting of the Federal Reserve to find clues for future interest rate cuts.
The minutes released Wednesday by the Federal Reserve show that there was a debate at the last meeting about a larger rate cut, but policymakers unanimously wanted to avoid giving the outside world the impression that they were on the path to further rate cuts.
Spot gold fell 0.2% to $1,503.90 an ounce after the release of the minutes, similar to the decline before the release of the minutes.
U.S. gold futures closed at $1,515.70 before the minutes of the Federal Reserve meeting.
"The [market participants] were cautious about selling gold before the FOMC minutes were released," said Phillip Streible, senior strategist at RJO Futures.
"Optimism about trade agreements and economic development is rising, and these hopes are driving the stock market up. People are withdrawing their safe assets and entering the stock market to take on (higher) risks."
U.S. President Trump said Wednesday that the United States "has done well with China and other trade agreements" and he pressed the Federal Reserve to lower interest rates, saying its policies are hampering U.S. economic growth and reducing U.S. economic competitiveness.


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