Gold dropped as the dollar firmed and the market reduced expectations of a surprise win by Frances far-right presidential candidate. The Fed said that downplayed weak first-quarter economic growth, said inflation has been running close to its target.Silver prices dropped as the dollar firmed on expectations of a U.S. interest rate increase in June. The U.S. Federal Reserve may raise interest rates as early as June boosted the dollar. The Fed kept interest rates unchanged and downplayed weak first-quarter economic growth while emphasizing the strength of the labor market.
Crude oil prices dropped after data showed a lower than expected decline in U.S. inventories. U.S. crude stockpiles fell less than expected last week, while gasoline inventories grew as demand remained weak, the Energy Information Administration said. OPEC and several other key producers including Russia have agreed to cut output by 1.8 mbpd for the first half of 2017 to try to reduce a global glut.
Natural gas prices inched up from weak momentum pushing higher, though chilly spring weather forecasts limited any rally. A strong spring storm tracking through the southeastern US with heavy showers and thunderstorms will push traders are eyeing for the EIAs next storage report which is expected to show a build of 65bcf in the week ended April 28.
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