Gold Futures Falls Before FOMC Statement Release

Gold prices slipped on Wednesday as the Federal Open Market Committee prepares to conclude its two-day policy meeting later today.

Bullion for immediate delivery declined 0.58% to $1,206.90 per ounce at the time of writing. The yellow metal reached $1,215.16 on Tuesday. Gold futures for June delivery lost 0.7% to $1,204.80 an ounce on the Comex in New York. 

Silver futures for immediate delivery slid 1% to $16.463 an ounce, while Platinum fell 0.5% to $1,151.75 an ounce and palladium retreated 0.5% to $773.70 an ounce.

The US Federal Reserve will be releasing a policy statement later today, after report showed that the world’s largest economy expanded at the slowest pace in a year. Economists predict the Fed policymakers will wait until September to raise interest rates.

In addition, the US GDP report due to be released today may show that the US expanded an annualized 1% in the first quarter of the year, compared to the 2.2% advanced in the previous quarter.

The US dollar Index traded 0.16% lower to 95.9430 on Wednesday.