Gold moves in a limited range, in pending US central bank statement

Gold has moved in a tight trading range on Wednesday as investors awaited the statement from the Federal Reserve (Central Bank of the United States) monetary policy meeting that could provide indications of further interest rate hikes.

Spot gold prices fell 0.1% to $1,737.79 an ounce at 06:47 GMT, while there was little change in US gold futures contracts, which recorded $1,738.20 an ounce, according to Reuters.

The statement of the meeting of the Monetary Policy Committee of the Central Bank of the United States, which was held on November 1 and 2, is expected to be announced at 19:00 GMT. Investors are also expected to see clues from data on US durable goods and jobless claims.

The US central bank raised interest rates for the fourth consecutive time by 75 basis points this month.

Elsewhere, silver fell 0.1% in spot transactions to $21.06 an ounce, while platinum was up 0.3% to $993.38 an ounce. Palladium rose 0.8% to $1,875.45 an ounce.

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