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Gold off 2-week high as dollar firms ahead of Fed decision

September 17, 2020 00:00:00

Gold prices eased on Wednesday, retreating from a near two-week high hit in the previous session, as the dollar gained ahead of a U.S. Federal Reserve policy decision due later in the day, reports Reuters.

Spot gold was down 0.2% to $1,952.15 per ounce by 0026 GMT, after hitting its highest since Sept. 2 at $1,971.71 on Tuesday.

U.S. gold futures fell 0.3% to $1,960.50.

The dollar index rose against its rivals, making gold more expensive for holders of other currencies.

Asian shares were set for a mixed open, although upbeat Chinese and U.S. economic data is likely to give sentiment a tailwind.

Later in the day the Fed was set to conclude its first meeting since adopting a more accommodative approach to inflation and pledging to keep interest rates low for longer.

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