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Gold Back Near Mid-$1,700 Ahead of Widely-Expected Fed Taper -Breaking

by Mike Robinson

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© Reuters.

By Barani Krishnan

Investing.com – Gold prices returned to near mid-$1,700 levels on Wednesday ahead of the Federal Reserve’s widely-expected taper of its long-running stimulus for the U.S. economy.

U.S. gold futures’ most active contract, , settled down $25.50, or 1.4%, at $1,763.90 an ounce.

The Fed will publish its monthly monetary policy statements at 2:20 PM ET (08: GMT). This statement is intended to set out the plan for the Fed to reduce the $120 million it spent monthly on assets purchases over the past 12 months to sustain the economy amid the COVID-19.

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