Gold
futures inched lower Wednesday ahead of an eagerly awaited policy
statement from the Federal Reserve due after prices for the metal settle
for the session.
February
gold was $2.80, or 0.2%, lower at $1,117.80 an ounce, after the
precious metal closed Tuesday at its highest level since Nov. 2. April
gold which is also among the most active contracts, traded at $1,117.80,
down $2.80, or 0.3%.
Although
the Fed isn’t expected to raise rates at its two-day policy meeting
that began Tuesday, it is slated to release a statement at 2 p.m.
Eastern Time, 30 minutes after the settlement price for gold is set. The
U.S. central bank’s policy statement could reveal clues about the Fed’s
pace of interest-rate hikes, which can influence momentum for precious
metals that don’t offer a yield.
A
slowdown in the global economy has resulted in a flight to dollars,
which has increased the value of the buck. A stronger dollar can weigh
on dollar-denominated assets, making them less attractive to holders of
other currencies.
In
other metals, March silver gave up 4.4 cents, or 0.3%, to trade at
$14.52 an ounce. March copper traded at $2.073 a pound, up 3.6 cents, or
1.7%. April platinum rose $6.80, or 0.8%, to $883.70 an ounce, while
March palladium added $8.75, or 1.8%, to $501.50 an ounce. (sdm)
Source: Bloomberg
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