Gold Decreases to $1,223.95 an Ounce Awaiting Fed News

Gold was down on Wednesday as investors awaited more information from the U.S. Federal Reserve regarding interest rate hikes, according to Reuters.

Spot gold declined 0.3 percent to trade at $1,223.95 an ounce. This comes after gold reached a six-week high during the previous week.

Meanwhile, gold futures also fell, decreasing by $5.80 an ounce to $1,223.20.

“This should be the end of [quantitative easing], but if some wording is used by the Fed that the economic recovery doesn’t justify removal of its monetary stimulus and they have … to leave the door open to reinstating some measures in the future, then that could be interpreted as fairly positive for gold,” Mitsubishi Corp Strategist Jonathan Butler was quoted as saying by Reuters.