Gold prices edge down in Asia

On Wednesday, gold prices slumped during Asia trade with market participants glued for the latest policy review by the major American bank to be announced later today.      

In New York, December delivery gold futures sank 0.24%, hitting $1,325.15 per troy ounce.

September delivery silver futures dipped 0.22%, trading at $19.640 per troy ounce, while September delivery copper futures surged 0.45%, trading at $2.233 per pound.

Overnight, the number one precious metal soared, remaining close to one-month minimums, as policymakers from the Federal Reserve obtained a final opportunity to digest a mixed pack of economic data ahead of a closely-watched interest rate verdict in the middle of the week.

The Federal Open Market Committee also dubbed FOMC is supposed to leave its benchmark interest rate at a targeted range 0.25%-0.50% for their fifth straight gathering.  On Tuesday, the CME Group's Fed Watch tool placed the likelihood of a July rate lift at about 2.4%.

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