Gold futures were dropping in value on Wednesday, heading back toward the threshold mark of $1,600 per troy ounce as scrutiny followed the actions of the central banks of the U.S. and Europe, according to Reuters.
The policy making arm of the U.S. Federal Reserve is scheduled to release a statement later on Wednesday following its meetings. But no action is likely until later this year. By contrast, the European Central Bank is scheduled to meet on Thursday, representing the first gathering of the body since President Mario Draghi last week endorsed the embattled 17-nation currency.
"ECB president Draghi's comments about doing whatever is necessary to sustain the common currency have already boosted the sector, prompting gold to move from around $1,580 an ounce to current levels of $1,620," states a Wednesday report penned by RBS, according to Reuters. "A disappointing message from policy makers could trigger a correction back below $1,600 an ounce."
At 8: 53 a.m. on Wednesday, gold futures fell 0.27 percent, a $4.40 drop to $1,610.20 per troy ounce.
Also convening on Thursday is the central bank of England, according to MarketWatch.
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