Gold lower ahead of Fed announcement

Gold futures traded lower Wednesday as investors awaited the U.S. Federal Reserve’s interest-rate decision and press conference by Chairman Ben Bernanke.

Gold for June delivery /quotes/zigman/661661 GCM2 -0.24% retreated $4.50, or 0.3%, to $1,639.40 an ounce on the Comex division of the New York Mercantile Exchange. The metal had earlier wavered between small gains and losses.

The Fed is expected to keep rates on hold and be mum on any hints about further economic stimulus.

That is unlikely to stop gold investors from looking for any hints.

Gold has been rangebound for the better part of two weeks, unable to rise much above $1,650 an ounce and finding support at $1,600 an ounce.

Read Full Article from Marketwatch

- Posted: 2012-04-25 10:47:07

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