Investing.com - Gold futures swung between small gains and losses during U.S. morning trade on Wednesday, holding near a three-week low as investors speculated central banks around the world may begin to scale back economic stimulus. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at USD1,374.05 a troy ounce during U.S. morning hours, down 0.2% on the day. Comex gold prices held in a tight range between USD1,373.45 a troy ounce, the daily low and a session high of USD1,378.75 a troy ounce. Gold futures were likely to find near-term support at USD1,355.55 a troy ounce, the low from May 23 and resistance at USD1,401.05, the high from May 28. Gold futures tumbled to a three-week low of USD1,366.25 a troy ounce on Tuesday after the Bank of Japan made no changes to its monetary policy and refrained from implementing measures to ease volatility in the government bond market at the conclusion of its latest policy meeting. Meanwhile, speculation over whether the Federal Reserve will begin to unwind its easing program in the coming months continued to rattle investors. Moves in the gold price this year have largely tracked shifting expectations as to whether the U.S. central bank would end its bond-buying program sooner-than-expected. An exit from the stimulus would deal a heavy blow to gold, which has thrived on demand from investors who buy gold to hedge against the inflationary risks of loose monetary policies. Elsewhere on the Comex, silver for July delivery eased down 0.1% to trade at USD21.63 a troy ounce, while copper for July delivery added 0.5% to trade at USD3.212 a pound.

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