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Gold prices are trading modestly lower and near the daily low in late-morning dealings Wednesday. Some position evening and profit taking ahead of the afternoon statement from the Federal Open Market Committee (FOMC) are featured. Trading activity in many markets, including gold, could become more active in the immediate aftermath of the FOMC statement, should there be any new monetary policy clues contained in the wording. February gold was last down $4.20 an ounce at $1,116.00.
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