LOS ANGELES (MarketWatch) — Gold prices fell on Wednesday, losing ground as investors jumped back in to equities ahead of the key Federal Reserve statement later in the day.
The Fed will release a policy statement at 2 p.m. Eastern, with traders looking for any hint as to when the central bank might start raising interest rates. Read: Doubts grow about mid-year rate hike.
Currency analysts at Brown Brothers Harriman downplayed the importance of the meeting.
“If the Fed wants to prepare the market for a potential rate hike in the middle of the year, the March meeting, which will see updated macro-economic forecasts and a press conference, is more important,” they said in a note cited by Kitco.
High-grade copper for March delivery HGH5, +0.63% tacked on 2 cents to $ 2.48 a pound.