Gold Trades Near Three-Month Low as Investors Await Fed Meeting

Gold futures were little changed, trading near a three-month low as investors awaited the conclusion of a Federal Reserve policy meeting.

Key to the debate for Fed officials meeting this week will be whether the U.S. economy has gained enough steam to warrant removing a pledge to be “patient” on raising borrowing costs. Money managers have cut their gold net-long wagers for six straight weeks amid mounting speculation U.S. interest rates will rise.