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Gold Futures Extending Recent Gains As Dollar Slips

Gold prices are modestly higher Wednesday morning as the dollar weakened further ahead of Federal Reserve's monetary policy announcement, due later in the day.

The dollar, which recovered in late afternoon trades on Tuesday after exhibiting weakness earlier, slid to 92.81 in the Asian session today. It edged up to 92.86 subsequently, but was still down more than 0.2% from previous close.

Gold futures for December were up $6.30 or 0.32% at $1,972.50 an ounce, after advancing to $1,978.00 an ounce earlier.

Silver futures were gaining $0.096 or 0.35% at $27.560 an ounce, while Copper futures were down $0.0060 or 0.21% at $3.0570 per pound.

The Fed is widely expected to leave interest rates unchanged. Markets are likely to pay close attention to any tweaks to the accompanying statement. The central bank's latest economic projections may also attract attention.

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