Gold prices snapped three consecutive sessions of gains on Wednesday as the dollar firmed, while investors awaited the results of the US Federal Reserve's policy meeting later in the day.
FUNDAMENTALS
Spot gold was down about 0.2 per cent at $1,304.27 per ounce as of 0105 GMT.
US gold futures also dipped about 0.2 per cent to $1,304.50 an ounce.
Spot palladium gained 0.1 per cent to $1,597.79 an ounce, after surging past the $1,600 level for the first time to register a record high at $1,606 in the previous session.
The dollar was up 0.1 per cent against key rivals, after slipping to its lowest since March 1 in the previous session.
Major currencies stuck to tight ranges in early Asian trading on Wednesday as investors awaited the outcome of the Federal Reserve's March policy meeting later in the day.
Traders currently expect there will be no US rate hikes this year, and are even building in bets for a rate cut in 2020. Federal Reserve Chairman Jerome Powell will speak at a news conference on Wednesday
Prime Minister Theresa May will ask the European Union to delay Brexit by at least three months after her plan to hold a third vote on her fraught divorce deal was thrown into disarray by a surprise intervention from the speaker of parliament.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin plan to travel to China next week for another round of trade talks with Chinese Vice Premier Liu He, a Trump administration official said on Tuesday.
New orders for US-made goods rose less than expected in January and shipments fell for a fourth straight month, offering more evidence of a slowdown in manufacturing activity.
Bank of Japan policymakers disagreed on how quickly the central bank should ramp up monetary stimulus, minutes of their January rate review showed on Wednesday, as heightening overseas risks threatened to derail the country's fragile economic recovery.
The United States imposed sanctions on Tuesday against Venezuela's state-run gold mining company Minerven and its president, Adrian Perdomo, accusing them of illicit operations and propping up the government of President Nicolas Maduro.
SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell about 0.2 per cent on Tuesday.
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Source: Economictimes
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