London — Gold was stable near one-year lows on Wednesday on a stronger dollar, as the market waited for signals on the direction of US monetary policy from a Federal Reserve meeting later in the day. Spot gold edged down 0.1% to $1,223.08/oz by 10.45am GMT, close to a one-year low of $1,211.08 reached on July 19. US gold futures were 0.2% lower at $1,231.80/oz. The Fed is expected to keep rates unchanged, but solid economic growth combined with rising inflation are likely to keep it on track for another two hikes this year, sapping demand for non-interest-paying gold. "People are waiting to understand what is going to happen with the Fed later but there are no signals of recovery at all for gold," said ActivTrades chief analyst Carlo Alberto De Casa, who said bullion remained in a bearish trend. A key support area for gold in the short term is around $1,211/oz-$1,215/oz, De Casa said. The dollar, in which gold is priced, rose against a basket of leading currencies after a source fam...
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