Gold was trading in a tight range below $1,300 an ounce on Wednesday, as investors nervously awaited the end of a Federal Reserve policy meeting to gauge the U.S. central bank’s view on the economy and monetary policy.
The metal was also pressured by the U.S. dollar, which hovered at a six-month high on expectations of strong economic data and a hawkish tone from the Fed.
Spot gold was flat at $1,299.29 an ounce by 0024 GMT, after slipping 0.5 percent and breaking below the key $1,300 level in the previous session. The Fed will make a statement later today at the end of its two-day policy meeting, with markets watching for clues on when the U.S. central bank will begin increasing interest rates.
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