WASHINGTON (dpa-AFX) - Gold edged lower due to profit taking on Wednesday after climbing past $3,700 an ounce levels for the first time in the previous session.
Spot gold dipped half a percent to $3,669.39 an ounce in European trade, while U.S. gold futures were down half a percent at $3,705.62.
A weaker dollar helped limit losses in the lead up to the Federal Reserve's monetary policy announcement later in the day.
The U.S. dollar reached a four-year low against the euro as a rate cut loomed.
As the U.S. economy reaches a stalemate between rising inflation and employment, the Fed is widely expected to lower interest rates by 25 basis points.
Investors will look for changes in the latest quarterly rates projections, known as the dot plot, and pore over Chair Jerome Powell's remarks for clues about the outlook for rates.
The Bank of England's policy announcement is due on Thursday, with economists expecting no change in interest rates.
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