Investing.com - Gold and silver prices declined modestly in
cautious trade on Wednesday, as market players were jittery ahead
of the Federal Reserve's highly anticipated policy statement,
expected later in the day.
On the Comex division of the New York Mercantile Exchange, gold
for August delivery held in a range between $1,267.20 and $1,272.30
a troy ounce. Prices last traded at $1,269.60 during European
morning hours, down 0.19%, or $2.40.
Gold fell to $1,258.00 on Tuesday, the lowest since June 11,
before trimming losses to settle at $1,272.00, down 0.26%, or
Prices were likely to find support at $1,250.10, the low from
June 10 and resistance at $1,285.10, the high from June 16.
Also on the Comex, silver for July delivery shed 0.06%, or 1.2
cents, to trade at $19.72 a troy ounce.
Market analysts expect the Fed to taper its monthly bond buying
program by another $10 billion from the current $45 billion, due to
an improving economy.
The decision will be followed by a press conference with Chair
Janet Yellen, amid speculation over the timing of possible interest
rate increases. The central bank will also provide its latest
forecasts for growth, inflation and interest rates.
Meanwhile, markets players monitored developments in Iraq, where
the conflict between Sunni Islamist insurgents and Iraqi army
forces continued. Iraq's largest oil refinery was attacked
Wednesday by Sunni militants using machine guns and mortars,
according to media reports.
Elsewhere in metals trading, copper for July delivery was flat
to trade at $3.061 a pound.
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