Gold fell in early Asia on a possible technical correction after front-month Comex gold futures closed up 3% at a fresh record high of $3,411.40/oz on Tuesday. Gold prices may be weighed down by positioning ahead of the outcome of today's two-day FOMC meeting. While the FOMC is widely expected to hold rates, Fed Chair Powell's press conference will be scrutinized for any change in tone, Konstantinos Chrysikos of Kudotrade said in an email. "A hawkish stance would likely benefit Treasury yields and limit gold's upside," the head of Client Relationship Management added. Spot gold was down 1.2% at $3,395.28/oz. (Newsmaker23)
Source: Dow Jones Newswires
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