London — Gold edged lower on Wednesday, pressured by a slightly stronger dollar, but activity was muted ahead of a US Federal Reserve policy announcement that could trigger a sharp move in prices. Investors expect the Fed to raise interest rates but want to know if it intends to tighten policy four times in 2018 or three times, as it indicated earlier this year. A clear hint in the announcement at 6pm GMT could knock gold out of the tight range of about $1,290 to $1,305, in which it has been trapped since mid-May. More rate rises would hurt gold because they push up bond yields, making non-yielding bullion a less attractive investment, and tend to strengthen the dollar, increasing the cost of gold for buyers using other currencies. Gold prices have tended to fall before recent US interest rate rises, as investors anticipate the change, but rally afterwards. "It might be different this time," said Robin Bhar, head of metals research at Société Générale. "Forward guidance will be cruc...

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