Daily Gold Update

Source: MarketWatch

San Francisco— Gold futures traded lower Wednesday, struggling to keep above $1,800 an ounce as the U.S. dollar strengthened and garnered attention ahead of the Federal Open Market Committee�s announcement on monetary policy.

Gold for December delivery fell $9.60, or 0.5%, to $1,800 an ounce on the Comex division of the New York Mercantile Exchange. The contract lost more than $30, or 1.7%, on Tuesday.

Weakness in gold came as investors turned their attention to the U.S. currency, lifting the dollar index DXY +0.03% to 77.148 from 77.089 late Tuesday in North American trading.

The Federal Reserve is expected to announce a plan later Wednesday to swap shorter-maturity government securities for longer-dated ones in another stab at jolting the slow-moving U.S. economy.If the Fed makes such an announcement, it could support the gold market by putting renewed pressure on the U.S. dollar index.

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