Gold holds near $1,230 ahead of Federal Reserve data

Singapore (Oct 29)   Gold steadied near $1,230 an ounce on Wednesday, clinging to modest gains from the previous session, ahead of the next guidance from the Federal Reserve on whether it will hike US interest rates sooner or keep them lower for longer.

 The Fed wraps up its two-day policy meeting later on Wednesday and is expected to end its bond purchases amid signs of strength in the US economy.

 But policymakers will likely reinforce its stated willingness to wait longer before raising interest rates after a volatile month in financial markets.