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Gold slips down

Wednesday, June 18 08:31:23

Gold edged lower on Wednesday as a firmer dollar and outflows from bullion funds sapped demand, with many investors waiting on the sidelines for the U.S. Federal Reserve to conclude its policy meeting before placing big bets on the metal. Spot gold slipped 0.3 percent to $1,268.00 an ounce by 0623 GMT, after ending flat in the previous session. The metal hit a three-week high of $1,284.85 on Monday due to violence in Iraq, but prices have since fallen back.

The Fed is widely expected to chop another $10 billion from its monthly bond purchases at its two-day policy meet that concludes on Wednesday. Markets will be watching closely for any commentary on when the U.S. central bank would begin to raise interest rates and its outlook for the economy, especially given that recent data has been strong.

The U.S. dollar climbed in tandem with rising Treasury yields on Wednesday as a surprisingly high reading for U.S. inflation threatened to give a hawkish tilt to the Fed's policy outlook later in the session. (Reuters)