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MTECHTIPS:-Gold struggles near 2-week lows ahead of Fed outcome
Gold futures struggled near the prior session’s two-week low in European trade on Wednesday, as investors looked ahead to the Federal Reserve’s decision due later in the day for fresh guidance on the future path of U.S. interest rates. Gold for April delivery on the Comex division of the New York Mercantile Exchange inched up $1.30, or 0.11%, to trade at $1,232.30 a troy ounce by 07:55GMT, or 3:55AM ET. A day earlier, gold fell to $1,226.00, the weakest level since March 2, amid speculation the Fed will hint at a June rate hike. While the Fed is widely expected to leave interest rates unchanged at the conclusion of its policy meeting at 18:00 GMT, or 2:00PM ET, Wednesday, the U.S. central bank could provide guidance on its pace of tightening over the next several months. Fed Chair Janet Yellen is to hold what will be a closely-watched press conference 30 minutes after the release of the Fed’s statement. The central bank will also release its latest latest forecasts for economic growth and interest rates. Market players expect at least one more rate hike this year, most likely in June, while the Fed’s updated forecasts could point to three more. In December, the Fed forecast four rate hikes in 2016. Traders will digest a slew of U.S. economic data Wednesday while awaiting the conclusion of the Fed meeting. The highlight will be on February inflation data due at 12:30 GMT, or 8:30AM ET. The consensus forecast .
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