Commodity Market Tips: Gold Dips As Dollar Gains Ahead Of Fed Statement

Gold edged lower early Wednesday as the dollar firmed with investors awaiting hints on a U.S rate hike following the Federal Reserve's two-day policy meeting.

Fundamentals

* Spot gold was down 0.3 percent at $1,267.80 per ounce at 0106 GMT.

* U.S. gold futures for December delivery dipped 0.1 percent to $1,268.80.

* The dollar index, which tracks the greenback against a basket of six major rivals, was up 0.1 percent.

* The Fed is scheduled to release its statement following its meeting on Wednesday at 2 p.m. EDT.

* Investors are also awaiting the naming of the next Fed chair likely on Thursday, the Bank of England policy meeting on Thursday and more data, including U.S. payrolls figures on Friday.

* South Africa's Impala Platinum (Implats) said on Tuesday first-quarter platinum production fell 6.6 percent due to a stock buildup following scheduled furnace maintenance at its Impala and Zimplats operations.

* The U.S. Mint sold 15,500 ounces of American Eagle gold coins in October, up 34.8 percent from the previous month, according to the latest data.

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