(MENAFN- ProactiveInvestors - UK) Gold was under pressure as markets waited for the minutes of the latest Federal Reserve meeting.
It has been chaotic since Janet Yellen's dovish tone in the press conference that followed the meeting.
She indicated that instead of four interest rate rises this year there would only be two but since then hawkish comments from a number of other Fed members have confused the picture.
Spot gold has fallen back recently but supporters expect a reaffirmation today of the risks to the global economy and that the Fed will be more cautious with its rate hikes to help the metal.
One thing that had been consistent throughout recent months has been the addition to their holdings of gold by the world's central banks.
But February was different. central banks' holdings of gold declined by 16 tonnes the first drop for over a year.
Russia and China were again buyers though Turkey reduced its gold reserves by 37 tonnes in February though its holdings tend to be volatile said research house Capital Economics.
Even so buying appears to have has slowed in recent months even without Turkey said the researcher though it added that net purchases by central banks totalled 21 tonnes in the first two months of 2016 compared to compared with 0.3 tonnes during the same period in 2015.
'Overall we think it is too early to turn negative on central banks' purchases of gold' it concluded but a couple of hours into US trading spot gold was US$9 lower at US$1222.
Silver dropped to US$15.01 and platinum eased US$8 to US$941.
Metal Tiger again
It's been hard to keep track of Metal Tiger's movements recently sobusy has the junior resource investor been..
An update on its joint venture in Botswana with MOD Resources is due by the end of the week but on its own bat today it bought a stake in fellow junior Greatland Gold (LON:GGP).
Greatland is well positioned to benefit from a sector recovery in natural resources reckons Metal Tiger but needs to be more proactive on the ground and more communicative in the marketplace.
A restructuring will also see two Metal Tiger directors join the board of the Australian gold explorer to help it along.
MTR is taking a 12.6% stake for 150000 at 0.1p but the shares had jumped to 0.18p almost immediately after the deal was announced suggesting big things are expected fromthe relationshipgoing forward.
Major share price movers
Randgold Resources up 10p to 6345p
Fresnillo up 9p at 924p
Anglo American down 17p at 509p
Metal Tiger up 9% to 5.71p
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