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.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.