WASHINGTON (dpa-AFX) - Gold prices fell on Wednesday, losing ground for the fifth consecutive session, as the dollar gained ahead of the Federal Reserve's policy announcement.
The dollar index advanced to 107.19 around noon before paring some gains. After the central bank's rate cut announcement, the index dropped to around 106.90, but rallied to 107.35, gaining 0.37%
Gold futures for December closed down $7.90 or about 0.3% at $2,636.50 an ounce. Gold prices fell further after the central bank's rate cut announcement, as the bank has signaled less reductions next year than previously expected.
Silver futures for December ended lower by $0.163 or about 0.53% at $30.410 an ounce, while Copper futures for December climbed to $4.1010 per pound, gaining $0.0095 or 0.23%.
The Bank of Japan and Bank of England are also holding their final policy meetings of 2024 this week, with both expected to leave their key policy rates unchanged.
Rather than the rate decisions, markets are likely to focus on the underlying messages for additional clues on the inflation and economic outlooks for next year in the wake of expected changes in the U.S. under the incoming Trump administration.
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