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Gold prices dip in early Asia ahead of FOMC statement

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Investing.com – Gold prices eased in Asia early Wednesday, continuing a downward trend from overnight with eyes on the Federal Open Market Committee statement due later in the day.

The FOMC could provide further hints on whether it will raise rates by September when it completes its two-day meeting on Wednesday.

On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.09% to $1,095.70.

Silver for September delivery gained 0.16% to $14.665 a troy ounce.

for September delivery rose 0.14% to $2.413 a pound.

Overnight, fell slightly on Tuesday amid a stronger dollar, as the continuing Chinese equities romp and the timing of a highly-anticipated interest rate hike from the Federal Reserve remained in focus.

In China, the extended losses from Monday’s freefall closing Tuesday’s session down 1.7%.

During the previous session, Chinese stocks fell 8.5%, experiencing their worst day in eight years, amid a decision by regulators to increase equity purchases by the State-backed China Securities Finance Corporation. After peaking above 5,100 in June, a gain of 150% over the previous 18 months, the index has plunged by more than 30% in recent weeks.

China is the world’s largest producer and second-largest consumer of the precious metal.

In the U.S., consumer confidence weakened considerably in July, falling more than six points below analysts’ low estimates. On Tuesday, The Conference Board said its Consumer Confidence Index fell to 90.9 for July, citing worries with the Greek and Chinese economies for a decline in consumer expectations. Analysts expected the index to fall slightly to 99.6, after surging to a reading of 99.8 a month earlier.

The Fed also cited concerns with the Greek Debt crisis in its June Federal Open Market Committee statement as a factor for leaving interest rates unchanged.

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