RTRS: PRECIOUS-Gold flat ahead of Fed, ETF unchanged
TOKYO, June 24 (Reuters) - Gold was nearly flat around $925 on Wednesday as investors awaited the outcome of a Federal Reserve meeting, after the metal recovered from a six-week low to end higher the previous session lifted by a weaker dollar.
FUNDAMENTALS
* Gold was at $924.90 an ounce at 2357 GMT, down 0.03 percent from the notional close in New York of $925.15.
* Bullion, which has been sliding since failing to top $1,000 this month, is likely to trade within a narrow range on Wednesday before the outcome of the Fed's policy meeting.
* Traders said speculators' clearing long positions and receding worries about inflation have pressured the precious metal since it touched a three-month high of $989.80 in early June.
* U.S. gold futures for August delivery were at $925.6 an ounce, up 0.1 percent from Tuesday's settlement.
* The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust , said its holdings were at 1,131.24 tonnes as of June 23, unchanged from the previous business day. [GOL/SPDR]
MARKET NEWS
* The S&P 500 rose on Tuesday as investors hunted for bargains a day after a steep sell-off, but another delay for Boeing's 787 Dreamliner kept the Dow in the red. [.N]
* The dollar fell on Tuesday on speculation the Federal Reserve may attempt to keep debt costs low by reducing expectations for higher interest rates at the conclusion of its meeting on Wednesday. [USD/]
DATA EVENTS
* The following data is expected on Wednesday:
- Japan Finance Ministry meet on debt management (0600 GMT)
