Gold Relatively Strong at $1,288.29 per Ounce

Gold retained most of its gains on Wednesday ahead of the latest Federal Reserve monetary policy meeting.

While spot gold fell $3.57, or 0.28 percent, to reach $1,288.29 an ounce, it was still trading 5.7 percent above its 50-day simple moving average, according to iNVEZZ.com. That came on the heels of a 0.9-percent increase on Tuesday, the metal’s largest growth since January 20.

Meanwhile, on the COMEX, gold futures for April delivery slipped $3.50, or 0.27 percent, to trade at $1,289.40 an ounce, Investing.com states.