Gold down on Fed, Goldman Sachs comments

          Gold futures are trading lower in the early part of Thursday’s Asian session following potentially concerning commentary from some members of the Federal Reserve and a bearish outlook on bullion from Goldman Sachs. 

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery fell 0.22% to USD1,555.35 per troy ounce in Asian trading Thursday after settling down 1.80% at USD1,558.15 a troy ounce in U.S. trading on Wednesday. 

Gold futures were likely to test support USD1,539.85 a troy ounce, Thursday's low, and resistance at USD1,590.05, Tuesday's high. 

In U.S. economic news, several members of the Federal Reserve said the central bank should begin winding down its monetary easing program later this and perhaps end the program outright by year-end, according to the latest Federal Open Market Committee meeting minutes. 

The Fed’s various quantitative easing programs have been seen as a boon for gold because monetary easing weakens the U.S. dollar, the currency in which gold is denominated. 

"A few members felt that the risks and costs of purchases, along with the improved outlook since last fall, would likely make a reduction in the pace of purchases appropriate around midyear, with purchases ending later this year," the Fed said in the minutes. 

Elsewhere, Goldman Sachs pared its three-month target for the precious metal to USD1,530 from USD1,615, which sent prices falling on Wednesday. 

The bank also cut its six- and 12-month predictions to USD1,490 and USD1,390 from USD1,600 and USD1,550, respectively. 

Elsewhere, Comex silver for May delivery slid 0.81% to USD27.430 per ounce while copper for May delivery fell 0.16% to USD3.413 per ounce. - investing.com