Gold was trading in a tight range on Wednesday as a firmer dollar and outflows from bullion funds sapped demand, with many investors waiting for the Federal Reserve to conclude its two-day policy meeting before placing big bets on the metal.
Spot gold was little changed at $1,270.94 an ounce by 0028 GMT, after ending flat in the previous session. The metal hit a three-week high of $1,284.85 on Monday due to violence in Iraq, but prices have since fallen back.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.26 tonnes to 782.62 tonnes on Tuesday – a second straight day of declines.
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