Gold prices traded moderately lower Wednesday morning, on some profit-taking pressure from recent gains and on position evening by the shorter-term futures traders ahead of a Federal Reserve policy decision in the day.
Concerns over an upcoming vote on Britain's membership of the European Union also underpinned prices.
Spot gold was down 0.05% at $1,284.95 an ounce, while gold futures for August delivery traded 30 cents an ounce lower at $1,287.80 on the Comex in New York, headed for the first decline in six sessions. Prices touched the highest for a most-active contract since May 6 on Tuesday.
The metal is up more than 20% this year, but gold mining equities have doubled and the sector as a whole has returned 53%.
The post Gold weaker ahead of Fed meeting appeared first on MINING.com.
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