Gold prices slipped on Wednesday from a nine-month peak hit in the previous session as the dollar steadied and investors squared positions ahead of U.S. fourth-quarter economic growth figures.
Spot gold was down 0.6 percent to $1,925.02 per ounce at 1152 GMT, after hitting its highest since late April on Tuesday. U.S. gold futures dropped 0.5 percent to $1,926.30.
The U.S. Commerce Department is expected to unveil its initial advance fourth-quarter GDP estimates on Thursday, which could set the tone for the Federal Reserve’s Jan. 31-Feb. 1 policy meeting.
Gold’s losses, after the peak recorded on Tuesday, resulted from a technical correction as investors closed positions in order to lock in profits ahead of the release of the data, said ActivTrades senior analyst Ricardo Evangelista….