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Gold closes in on one-year low on dollar strength

Reuters  |  LONDON 

By Zandi ShabalalaLONDON (Reuters) - Gold edged lower on Wednesday on a stronger dollar as the market waited for the result of a Federal Reserve meeting later in the day, expected to provide more signals on the direction of U.S. monetary policy.Spot gold fell 0.5 percent lower to $1,217.17 per ounce by 1503 GMT, close to a one-year low of $1,211.08 reached on July 19.U.S. gold futures were 0.6 percent lower at $1,225.90 an ounce.The Fed is expected to keep rates unchanged, but solid economic growth combined with rising inflation is likely to keep it on track for another two hikes this year, ...

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First Published: Wed, August 01 2018. 21:03 IST
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