Gold slid for a fourth consecutive session on Wednesday, hovering near its lowest in two weeks although investors were waiting for the outcome of the Federal Reserve policy meeting. The Federal Open Market Committee (FOMC) began its two-day meeting on Tuesday and it is likely to issue a statement at 1800 GMT.
Spot gold was down 0.1 percent at $1,230.61 an ounce by 0841 GMT and US gold was largely unchanged at $1,231.6 an ounce. Spot gold fell to $1,225.70 in the last session, its lowest since March 2.
"Gold's reign as the top performing asset since the start of the year is largely supported by safe haven demand, and buying-interest into gold once again should not be discounted, especially if global growth sentiment turns south into the year," said OCBC Bank analyst Barnabas Gan in Singapore.
"Still, this is not our base case scenario, given our bearish outlook on gold prices. This outlook is very much underpinned by further rate hikes by the FOMC."
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