Gold Prices Dip Ahead of Federal Reserve Decision

Gold prices edged lower on Wednesday as the dollar saw a slight rise, with investors cautious ahead of U.S. President Donald Trump's announcement regarding Federal Reserve appointments.

In spot transactions, gold fell by 0.1 percent to $3376.01 per ounce as of 0312 GMT, after reaching a nearly two-week high on Tuesday. U.S. gold futures also dropped by 0.1 percent to $3431.10.

The dollar recovered from a one-week low seen in the previous session, diminishing gold's appeal to holders of other currencies.

Among other precious metals, silver remained steady in spot transactions at $37.82 per ounce, platinum declined by 0.5 percent to $1313.94, and palladium decreased by 1 percent to $1164.15.