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Gold Futures Drifting Lower As Equities Rally Ahead Of Fed Policy

Gold prices are drifting lower Wednesday morning with riskier assets such as equities moving higher ahead of the Federal Reserve's monetary policy announcement.

A slightly subdued dollar is limiting the yellow metal's downside. The dollar index, which slipped to 93.15, is currently at 93.19, down marginally from the previous close.

Gold futures for December are down $5.20 or 0.28% at $1,773.00 an ounce.

Silver futures for December are up $0.54 or 0.24% at $22.665 an ounce, while Copper futures for December are gaining $0.1040 or 2.5% at $4.2300 per pound.

The Federal Reserve is scheduled to release its policy statement at 2 PM ET. The central bank is widely expected to hold rates unchanged, and the focus will be on its outlook for the economy, inflation target, and possible timeline for tapering of its bond-buying program.

The Bank of Japan today confirmed that it would continue with its ultraeasy monetary policy as the country continues to fight coronavirus outbreaks caused by the delta variant.

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