Investing.com - Gold prices edged lower in rangebound trade on Wednesday, amid ongoing concerns about a further reduction in stimulus from the Federal Reserve.
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On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,238.40 a troy ounce during U.S. morning trade, down 0.25%.
Gold prices held in a tight range between USD1,237.90 a troy ounce and USD1,243.40 a troy ounce. The February contract fell to USD1,235.10 a troy ounce on Tuesday, the lowest since January 15, before trimming losses to settle at USD1,241.80, down 0.81%.
Futures were likely to find near-term support at USD1,233.50 a troy ounce, the low from January 15 and resistance at USD1,262.00, the high from January 21.
Gold’s appeal was dampened amid expectations the Fed will continue tapering its stimulus program at the outcome of its next policy meeting on January 29 to USD65 billion from the current USD75 billion.
Meanwhile, silver for March delivery shed 0.2% to trade at USD19.83 a troy ounce. The March contract traded in a range between USD19.77 a troy ounce and USD19.93 a troy ounce.
Elsewhere on the Comex, copper futures for March delivery fell 0.6% to trade at USD3.332 a pound.