Gold prices drifted lower on Wednesday, snapping a four-day winning streak, as the dollar rebounded from recent losses ahead of the release of the Federal Reserve's latest policy meeting.
The dollar index climbed to 102.45 in early New York session before paring some gains. It is was last seen hovering around 102.25, up nearly 0.4% from the previous close.
Gold futures for June ended lower by $19.10 or about 1% at $1,846.30 an ounce, the lowest close
Silver futures ended down by $0.193 or 1% at $21.870 an ounce, while Copper futures for July settled at $4.2545 per pound, down $0.0505 from the previous close.
Data released by the Commerce Department showed new orders for durable goods increased by less than expected in the month of April.
The Commerce Department said durable goods orders rose by 0.4% in April after climbing by a downwardly revised 0.6% in March. Economists had expected durable goods orders to advance by 0.6% compared to the 1.1% jump that had been reported for the previous month.
Excluding orders for transportation equipment, durable goods orders edged up by 0.3% in April after surging by 1.1% in March. Ex-transportation orders were also expected to increase by 0.6%.
