Investing.com – Gold prices remained close to session lows as ongoing demand for the dollar pressured the yellow metal to give up some of its intraday gains ahead of a Federal Reserve interest rate decision.
for June delivery on the Comex division of the New York Mercantile Exchange fell by $0.50 or 0.05%, to $1306.10 a troy ounce. The precious metal retreated from an intraday high of $1,312.50.
The dollar rally continued Wednesday, pressuring gold prices, ahead of a widely expected unchanged Federal Reserve interest rate decision due 2 p.m. ET.
The will be accompanied by a expected to reflect the upbeat inflationary environment, which could further cement expectations for a June rate hike.
Data earlier this week showed the Federal Reserve’s preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, in the 12 months through March, just shy of the Fed’s 2% target.
According to investing.com’s , 94% of traders expect the Fed to on Wednesday. The prospect of a fourth rate hike in December, however, was just under 40%.
Also keeping a lid on demand for the yellow metal was easing geopolitical tensions as U.S. trade representatives headed to Beijing for talks to avert a trade war between the world’s two largest economies.
In other precious metal trade, rose 1.57% to $16.38 a troy ounce, while gained 0.12% to $895.30 an ounce.
rose 0.91% to $3.065.
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Source: Investing.com
