Daily Gold Update

Source: Marketwatch

New York— Gold futures edged lower, as the dollar rebounded from a one-year low against the euro ahead of the Federal Reserve's announcement on U.S. monetary policy later Wednesday afternoon. Gold for December delivery, the most active contract, lost $1.10, or 0.1%, to $1,014.40 an ounce on the Comex division of the New York Mercantile Exchange. The thinly traded September contract ended down $1.20, or 0.1%, at $1,013. Both contracts had been trading higher earlier in the session. The September contract rose to $1,019.80 last Wednesday, an all-time high for a nearby Comex gold contract, while the December contract topped $1,020 an ounce.

Gold was "closely tracking the dollar's own close orbit," said Jon Nadler, senior analyst at Kitco Metals Inc. "Today's FOMC meeting could make a difference, but not necessarily mark a turning point." A statement from the Federal Open Market Committee, the Fed's policy-setting arm, is expected around 2:15 p.m. Eastern time. Officials will do their level best to stay out of the limelight out of fear that any steps they might take could be construed as tightening policy, analysts said. See full story.