The U.S. Federal Reserve is slated to release a survey about its economic outlook on Wednesday. U.S. President Barack Obama collected support from two Republican leaders who endorse his call to action against the Middle Eastern nation that stands accused of deploying sarin gas against its own people in the eastern outskirts of Damascus on August 21.
"Concerns grew that the Fed could start to taper down its asset-purchase program," states a Wednesday report penned by analysts with Anand Rathi Commodities Ltd. in at Mumbai, India, according to Bloomberg. "Focus will also remain on developments taking place in the Middle East. Any escalation of tensions there could support further gains in gold and limit downside in the metal."
At 9:45 a.m. on Wednesday, gold futures dropped 1.35 percent, a $19 loss to $1,393.41 per troy ounce.
Reuters reports the precious metal's losses on Wednesday dragged it below the milestone price of $1,400 per troy ounce. Tuesday gains for bullion were 1.3 percent, pushing the metal beyond that level.
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