Gold Wobbles Ahead Fed Rate Decision

(RTTNews) - Gold prices are little changed Wednesday morning with investors awaiting the outcome of the U.S. Federal Reserve's two-day policy meeting that concludes later in the day.

It is widely expected that the Fed will reduce its asset buying by $10 billion. More importantly, investors will be keen to know the Fed's views on growth and its outlook for interest rates.

Gold futures for August delivery are down $0.90 or 0.07 percent at $1,271.10 an ounce.

On Tuesday, gold futures ended down $3.30 or 0.3 percent at $1,272 an ounce, snapping a six-day winning streak.

Silver for July is down marginally at $19.723 an ounce. Meanwhile, copper is up $0.002 or 0.06 percent at $3.063 per pound.

The U.S. Commerce Department will release its current account data for the first quarter at 8:30 am ET. Economists expect a deficit of $99.8 billion for the quarter, wider than the deficit of $81.1 billion in the fourth quarter.

The Federal Reserve will announce its monetary policy decision at 2 pm ET. The central bank is widely expected to hold interest rates unchanged, while it is expected to continue trimming the size of its asset purchase program by another $10 billion.

Also at 2 pm ET, the Fed will release updated forecasts for the economy and half an hour later Chair Janet Yellen will host the customary post-meeting press briefing.