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Gold Slides Near $1210 As Fed Preps Possible Rate Hike

Gold futures extended steep recent losses Wednesday morning as the dollar continued to firm versus major rivals.

Gold for April was down 4 dollars at $1212 an ounce, the lowest in more than a month.

The Labor Department's productivity and costs data for the fourth quarter will be published at 8.30 am ET. The forecasters are looking for 1.4 percent growth in non-farm productivity,

We are a week away from the Federal Reserve's highly anticipated interest rate decision.

Fed officials have paved the way for what was once considered an improbable rate hike in March.

Policy makers have expressed concerns that inflation will overshoot the Fed's 2 percent annual target rate unless some tightening soon occurs.

In the meantime, the European Central Bank will make its own interest rate decision tomorrow morning.

by RTTNews Staff Writer

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