Gold dipped from Tuesday’s record as most asset classes saw muted moves ahead of the Federal Reserve interest-rate decision later today.
Bullion traded about $40 below its record high of $3,703.07 an ounce set in the previous session. Traders are focusing on the outcome of the Fed’s rate-setting meeting, where they see a quarter-point cut this week as a certainty. Lower rates are positive for the non-interest bearing precious metal.