Economic news

Gold hovers near 2-month low amid dollar's slide

Gold futures edged up on Wednesday from the two-month trough set in the previous session. The yellow metal strengthened as the greenback's recant rally lost momentum before the Federal Reserve’s policy meeting.

June gold futures climbed 0.3%, to $1,310.20 an ounce, recovering from $1,306.80 set on Tuesday. July silver futures were up 1.5%, at $16.365 an ounce.

The ICE U.S. dollar DXY dipped to 92.42. The U,S, currency, which rose about 2% in April versus six major peers, can hit investors' appetite for gold.

Fed policymakers are due to end a two-day meeting at 2 p.m. Eastern, at which officials are expected to hold interest rates steady. Traders are waiting for any clues on further interest rates hikes in 2018.

U.S. private sector employment rose by 204,000 jobs - slightly more than expected in April, according to payroll processor ADP.


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