(RTTNews) - The price of gold edged up Wednesday morning as the U.S. dollar was trading mixed ahead of the outcome of the 2-day FOMC meeting.
Gold for December delivery, the most actively traded contract, edged up $3.40 to $1,618.00 an ounce. Yesterday, gold ended lower for the first time in five days mostly on profit taking ahead of the crucial European Central Bank meet later this week and the U.S. Federal Reserve policy meet.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,251.92 tons from 1,248.61 tons.
Meanwhile, the U.S. dollar was lingering around its 3-week low versus the euro and ticking higher against sterling. The buck was moving higher versus the yen, while edging lower against the Swiss franc.
In economic news, the euro zone manufacturing sector continued to contract data from Markit Economics showed. The manufacturing Purchasing Managers' Index fell more than initially estimated to 44 in July, a 37-month low, from 45.1 in June. The flash estimate for July was 44.1.
Germany's manufacturing sector contracted more than initially estimated in July, and the rate of fall accelerated from the previous month, data from a survey by Markit Economics and BME showed. The seasonally adjusted purchasing managers' index for the manufacturing sector dropped to 43 in July from 45 in June, and hit the lowest level since June 2009.
The prices of silver and platinum were moving lower in morning deals.
From the U.S., the ADP will release its report on private sector employment at 8.15 a.m ET. Economists expect for an addition of 120,000 jobs by the sector in July following an addition of 176,000 jobs in June.
Later during the session, the results of the manufacturing survey of the Institute for Supply Management are due out at. Economists expect the index to show a reading of 50.1 for July compared to 49.7 in June.
The FOMC is scheduled to release its policy statement at 2:15 pm ET.
