Investing.com - Gold futures eased off the previous session's
four-week low on Wednesday, as investors looked ahead to the
Federal Reserve's monetary policy decision later in the day.
Attention will focus on Bernanke's press conference following the
announcement, which investors are hoping will provide further clues
on how long the central bank will maintain its
USD85-billion-a-month in bond purchases.
Moves in the gold price this year have largely tracked shifting
expectations as to whether the U.S. central bank would end its
bond-buying program sooner-than-expected.
On the Comex division of the New York Mercantile Exchange, gold
futures for August delivery traded at USD1,371.45 a troy ounce
during U.S. morning hours, up 0.3% on the day.
Comex gold prices held in a tight range between USD1,364.15 a troy
ounce, the daily low and a session high of USD1,373.25 a troy
Gold futures were likely to find near-term support at USD1,355.55 a
troy ounce, the low from May 23 and resistance at USD1,394.25, the
high from June 13.
Gold prices lost more than 1% on Tuesday to hit USD1,360.25 a troy
ounce, the weakest level since May 23, on concerns the Federal
Reserve could taper down its bond purchases.
An exit from the stimulus would deal a heavy blow to gold, which
has thrived on demand from investors who buy gold to hedge against
the inflationary risks of loose monetary policies.
Elsewhere on the Comex, silver for July delivery eased down 0.2% to
trade at USD21.63 a troy ounce, while copper for July delivery
dipped 0.2% to trade at USD3.148 a pound.
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