Gold price traded lower on the stronger U.S. dollar. The greenback was supported by speculation that Fed will start to hike its interest rate this year.
The Fed noted that the interest rate hike will depend on the incoming U.S. economic data. The economic data in April was mixed. Analysts expect that the interest rate hike in September is more likely than the interest rate in June, despite the Fed Chair Janet Yellen has not ruled out the interest rate hike in June.
June futures for gold on the COMEX today decreased to 1183.00 dollars per ounce.