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Gold prices held steady early on Wednesday as investors waited for a statement from the Federal Reserve later in the day for clues on the outlook for U.S. monetary policy.
Spot gold had dropped 0.1 per cent to $1,247.08 per ounce by 0038 GMT. US gold futures for August delivery fell 0.4 per cent to $1,246.70 per ounce.
US Treasury yields
Long-dated US Treasury yields jumped by the most in almost five months on Tuesday as stocks hit record highs, a day before the Fed's statement after a two-day policy meeting.
A set of strong US earnings reports lifted the S&P 500 stock index to a record closing high on Tuesday, while oil prices rallied on Saudi Arabia's pledge to cut exports in August and copper hit a two-year high.
The dollar edged up on Tuesday after falling to a 13-month low against a basket of major currencies as investors gained hopes that US President Donald Trump could push through his expansionary fiscal agenda but remained wary of the short-term US economic outlook.
US consumer confidence
US consumer confidence jumped to a near 16-year high in July amid optimism over the labour market, while house prices maintained their upward trend in May, which could boost consumer spending after recent sluggishness.
US Senate Republicans had narrowly agreed on Tuesday to open debate on a Bill to end Obamacare, but the party's seven-year effort to roll back Democratic President Barack Obama's signature healthcare law still faces significant hurdles.
New sanctions on Russia
The US House of Representatives had voted overwhelmingly on Tuesday to slap new sanctions on Russia, and force Trump to obtain lawmakers' permission before easing any sanctions on Moscow, in a rare rebuke of the Republican in the White House.
The London Metal Exchange (LME) will start publishing gold and silver reference prices, the exchange told Reuters on Tuesday, potentially challenging the dominance of benchmarks administered by Intercontinental Exchange (ICE).
Holdings of the SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 1.13 per cent to 800.45 tonnes on Tuesday from 809.62 tonnes on Monday.
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