Indian Stock Market Tips|Gold steady ahead of Fed statement

Gold prices were steady early Wednesday, after slipping to a near two-week low in the previous session, as investors waited for the outcome of the US Federal Reserve's monetary policy meeting for the outlook on interest rates. 


FUNDAMENTALS

* Spot gold was unchanged at $1,223.45 an ounce at 0050 GMT, after hitting the lowest since July 19 at $1,214.40 overnight. 

* US gold futures were 0.1 percent lower at $1,222.40 an ounce. 

* The Federal Reserve is expected to keep interest rates unchanged on Wednesday, but solid economic growth combined with rising inflation is likely to keep it on track for another two hikes this year even as President Donald Trump has ramped up criticism of its push to raise rates. 

* US consumer spending increased solidly in June as households spent more at restaurants and on accommodation, building a strong base for the economy heading into the third quarter, while inflation rose moderately. 

* The Chinese yuan dropped in offshore trade and the Australian dollar slipped on Wednesday on a report the US administration will propose raising its planned tariffs on $200 billion Chinese imports to 25 percent. 

* The dollar index, which measures the greenback against a basket of six major currencies, was steady at 94.537.

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