Gold treads water below $1,300 ahead of Fed statement, economic data

London (July 30)  Gold was trading in a tight range below $1,300 an ounce on Wednesday, pressured by a stronger dollar ahead of a Federal Reserve policy decision and US gross domestic product data due later in the day.

 Investors were reluctant to take big positions, mostly on expectations US economic reports, which include July non-farm payrolls on Friday, will show the world's biggest economy is on a steady recovery path.

 Spot gold was flat at $1,297.85 an ounce by 0953 GMT, after breaking below the key $1,300 level in the previous session. The metal was headed for a 2.2 per cent monthly loss after a six per cent gain in June, when investors turned to gold, often perceived as an insurance against risk, on international political tensions.

 US gold futures were down 0.1 per cent at $1,297.60 an ounce.

Source: EconomicTimes India