Gold traded flat at $1,298.30 per ounce on Wednesday, according to Reuters, after dipping below $1,300 in yesterday’s session. Trading today is occurring in a narrow range as the dollar strengthens. Investors are awaiting U.S. economic data such as the Federal Reserve Policy decision and July non-farm payrolls. The U.S. GDP data released today was positive, further capping potential for gains in precious metals.
“The metal is trading more or less in the middle of the recent ranges, $1,2900-$1,320, and will likely continue to do so at least until tonight’s major data releases,” MKS Group wrote in a note.
U.S. gold futures were also flat, trading at $1,298.70 per ounce.