Comex gold futures edge down 0.3% to $1,783.20 a troy ounce
Gold wavers ahead of the start of the Federal Reserve’s monetary policy meeting. Comex gold futures edge down 0.3% to $1,783.20 a troy ounce. Gold has been trading firmly in a narrow range this month as investors look for clarity on the central bank’s next move. The Fed is widely expected to signal that it will speed up its tapering of stimulus measures at the conclusion of the meeting Wednesday, which could open the door to earlier rate hikes. The precious metal’s lackluster trading has seen investors exit their gold positions. Investors cut their long positions in gold for the third week running according to FactSet data. Speculative investors reduced their bullish positions in gold by over 12,000 lots last week.