Gold Settles Below $1240 with Eyes on Fed

Gold was little changed at over $1,230 an ounce on Wednesday as investors were biding their time ahead of a Federal Reserve statement later in the day, keenly watched for clues on when the U.S. central bank will increase interest rates.

The metal is only about $10 away from an eight-month low hit earlier this week on fears the Fed would raise rates sooner than expected.  Spot gold was flat at $1,234.90 an ounce by 0035 GMT, after closing up 0.2 percent in the previous session.

After hitting an eight-month low of $1,225.30 on Monday, the metal has gained slightly as investors adjust their positions ahead of the Fed statement.


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