Video: Why Gary Wagner Is Not Taking $1,300 Gold Off The Table

Gold prices continue to hold on to small gains after initial weekly U.S. jobless claims saw muted change, rising by 1,000 to a seasonally adjusted 234,000 in the week to Saturday, the government said. Gold was already showing some modest gains ahead of the report and was relatively unchanged in initial reaction. June Comex gold futures last traded at $1,257 an ounce, up 0.31% on the day. "Immediately following the release of the minutes, we saw U.S. equities moving modestly to higher ground. At the same time, we saw the U.S. dollar trading modestly lower and gold trading slightly higher," Gary Wagner of thegoldforecast.com said. "These actions come about as a result of the Federal Reserve's resolve to implement another interest rate hike in June. Based on the CME's FedWatch tool, which had been forecasting around a 60% probability of an interest rate hike in June, the likelihood has moved closer to 80%," he added. However, Wagner remains constructive on the gold market and noted in the interview with Kitco News that he has not taken $1,300 gold, as a target, off the table.