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Gold steadies near 2-month low as dollar pauses rally ahead of Fed

May 2, 2018

Gold futures inched up on Wednesday from the two-month low hit a day earlier. Gold firmed as the dollar paused a rally that had turned the buck positive for 2018 ahead of the Federal Reserve’s monetary-policy decision.

June gold GCM8, +0.25% was up $3.40, or 0.3%, at $1,310.20 an ounce. It closed Tuesday at $1,306.80, the lowest since March 1, according to FactSet data.

The ICE U.S. dollar DXY, -0.13% slipped fractionally to 92.42 early Wednesday. The buck, which gained nearly 2% in April against six major rivals, can influence appetite for dollar-priced commodities, including the yellow metal. The greenback marked its strongest month since around President Donald Trump’s election.

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