MTECHTIPS:-Gold in holding pattern: Fed decision eyed

MTECHTIPS:-Gold in holding pattern: Fed decision eyed

MTECHTIPS-Gold prices traded slightly lower on Wednesday, as investors eyed the Federal Reserve’s interest rate decision expected later in day while a slump in the dollar provided respite for the yellow-metal. Gold continued to trade in a narrow range ahead of the Federal Reserve’s interest rate decision, as the yellow metal pivots around the key $1200 level, supported by a slump in the dollar, which last traded down 0.29% at 101.33 by 13:29 EDT. Gold has retreated 5% since its high of $1263.10 on Feb 28, after expectations of a March rate continued to gained traction. According to Investing.com’s Fed rate monitor tool, 95% of traders expect a rate hike later in the day. As the majority of traders (95%), expect the Federal Reserve to hike rates later today, market participants will likely focus on the message from the US central bank concerning the pace of rate hikes this year, after the central bank in December hinted at the possibility of three rate hikes in 2017. Meanwhile the yellow-metal held up relatively well amid a raft of U.S. economic data releases, as inflation data and U.S. retail sales matched forecasts. The Labor Department said Wednesday, consumer prices rose 0.2% in February, while the Commerce Department said retail sales climbed 0.1%. Both consumer prices and retail sales were in line with forecasts
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