Gold Market Update

Gold dipped slightly on Wednesday, after touching a near six-week high in the previous session, as the market awaited the US Federal Reserve's policy statement and amid concerns over a potential British exit from the European Union.

 

 Spot gold was down 0.2 % to USD 1,282.91 an ounce by 0102 GMT. Bullion touched a session-peak of USD 1,289.80 on Tuesday, its highest since May 6.

 

 US gold edged 0.2 % lower to USD 1,286.20

 

SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, 0.27 % to 898.67 tonnes on Tuesday, the highest since October 2013.

 

US economy is on track to grow by a 2.8 % annualised rate in the second quarter, Atlanta Federal Reserve's GDPNow forecast model showed on Tuesday.

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