Gold was extending losses for a third session Wednesday morning as the U.S. dollar was steady versus a basket of currencies ahead of the outcome of 2-day FOMC meeting.
Gold for August delivery, the most actively traded contract, shed $8.90 to $1,614.30 an ounce. Yesterday, gold ended marginally lower ahead of the two-day Federal Open Market Committee meeting.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,281.62 tons.
This morning, the U.S. was lingering near its one-month low versus the euro and sterling, while trading flat against the yen and the Swiss franc.
In economic news from the euro zone, Germany's producer price inflation slowed more than expected to 2.1 percent in May, Destatis said. Economists were expecting the rate to ease to 2.2 percent from 2.4 percent in April.
Meanwhile, policymakers of the Bank of England decided to retain the size of quantitative easing unchanged in a split vote, the minutes of the meeting showed. Four members of the Monetary Policy Committee sought more stimulus, while five members voted to maintain the QE intact at GBP 325 billion.
Elsewhere, the prices of silver and platinum were trading flat in morning deals.
From the U.S., the Federal Open Market Committee is due to release the post-meeting policy statement at 12:30 am ET followed by the release of the FOMC forecasts at 2 pm ET.
by RTT Staff Writer
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