Gold Prices Mixed Ahead Of Fed Decision

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Gold prices were mixed on Wednesday while the dollar extended a recent slide as investors awaited updates on a U.S. coronavirus relief bill and looked ahead to a Federal Reserve meeting for clues on the outlook for monetary policy.

Spot gold slid 0.2 percent to $1,955.21 per ounce, after having hit a record high of $1,980.57 per ounce on Tuesday. U.S. gold futures were up 0.4 percent at $1,951.50 per ounce.

U.S. President Donald Trump said on Tuesday he did not support everything in a $1 trillion Senate Republican coronavirus relief proposal but would not elaborate on what he didn’t not like.

No major changes are expected when the Fed releases its policy statement later in the day. Traders may look to the accompanying statement for clues about future plans to provide additional economic stimulus.

On the coronavirus front, a half-dozen U.S. states in the South and West reported their biggest one-day increase in coronavirus deaths Tuesday, fueling a bitter debate over the reopening of schools in the coming weeks.

Mainland China has reported 101 new cases of the novel coronavirus – the highest number in more than three and a half months.

Hong Kong leader Carrie Lam warned that the city was on the brink of a large-scale outbreak and tightened lockdown measures.

Japan topped 1,000 Covid-19 cases for first time as Osaka and Aichi set daily records.

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