Precious metals in the red as stocks rise

London (May 1)  Precious metals traded lower on Wednesday as investors turned to stocks ahead of the United States Federal Reserve interest rate decision expected later in the day.

Meanwhile, with the corporate earnings season in full swing, CVS Health, GlaxoSmithKline, and Sprint Corp. are set to report before the US markets opening bell.

Gold was 0.13% lower, to trade at $1.281.88 per ounce.

Elsewhere, silver fell 0.4 percent to $14.88 per ounce, while platinum prices dropped 0.6 percent to $880.75.

Palladium declined 0.9 percent to $1,375.55 an ounce.

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