Investing.com - Gold prices edged lower to remain below the key $1,300-level on Wednesday, as investors stuck to the sidelines ahead of the conclusion of the Federal Reserve’s policy meeting later in the day.
On the Comex division of the New York Mercantile Exchange, gold for June delivery held in a tight range between $1,291.00 a troy ounce and $1,296.60 an ounce.
Gold last traded at $1,291.70 an ounce during European morning hours, down 0.35%, or $4.60. Futures declined 0.21%, or $2.70 an ounce, on Tuesday to settle at $1,296.30.
Gold prices were likely to find support at $1,268.40 a troy ounce, the low from April 24 and resistance at $1,306.60, the high from April 28.
Market players prepared for the outcome of the Fed’s policy meeting later in the day, amid expectations for another $10 billion reduction in the central bank’s now $65-billion-a-month stimulus program.
Investors also looked ahead to key U.S. data due later in the session for further indications on the strength of the economy.
The U.S. is to release preliminary data on first quarter GDP, as well as the ADP report on private sector job creation. The U.S. is also to release data on manufacturing activity in the Chicago region.
Investors were also turning their attention to Friday’s U.S. jobs report for April, which was expected to indicate that the recovery in the labor market is continuing.
Markets largely shrugged off events in Ukraine, where pro-Russian separatists stormed regional government offices in the eastern city of Luhansk on Tuesday.
Also on the Comex, silver for July delivery declined 0.92%, or 18.0 cents, to trade at $19.35 a troy ounce. Silver ended Tuesday’s session down 0.41%, or 8.1 cents, to settle at $19.53 an ounce.
Elsewhere in metals trading, copper for July delivery shed 0.03%, or 0.1 cents, to trade at $3.063 a pound.