Gold price flat ahead of FOMC meeting

New York (May 3)  Gold prices were largely flat on Wednesday May 3 as investors await the conclusion of the US Federal Open Market Committee (FOMC) meeting later today.

The spot gold price was quoted at $1,256.25-1,256.55 per oz as of 05:05 BST. Trade has ranged from $1255.75-1257 per oz so far today. The FOMC will conclude its two-day meeting on Wednesday and is largely expected to keep US interest rates unchanged. However, participants will be paying close attention to the hints on any future increases. "Gold prices remained largely unchanged, as investors await the outcome of the FOMC meeting this week. The weaker than expected economic data over the past week has supported prices.

Source: MetalBulletin