Gold books a loss as oil rally lifts risk appetite

Gold prices retreated Wednesday as traditional risk assets drew bidders a day after a global selloff in stocks and just ahead of minutes from the Federal Reserve’s most recent policy meeting.

June gold GCM6, +0.48%  finished down $5.80, or 0.5%, to $1,223.80 an ounce Wednesday, after Tuesday’s 0.8% gain snapped a two-day slide.

A brisk run-up in oil, aided by a surprise decline in oil stockpiles, helped nudge stocks higher, dulling some demand for gold. Crude prices have moved in concert with stocks lately, but that linkage has been breaking down somewhat.

Gold prices were little-changed in electronic trade compared with its closing level after the Fed minutes were released at 2 p.m. Eastern, a half-hour after the metal settles on Comex. The minutes showed that “several” Fed officials supported a cautious approach to normalizing monetary policy.

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