NY gold up before rate cut, cautious Fed seen bearish

Newswire

NEW YORK, June 25 (Reuters) - Gold rebounded from near seven-week lows Wednesday as traders squared up short positions, in a cautious mood before the Federal Reserve said after the COMEX close that it decided to trim U.S. interest rates a quarter percentage point. Morning news of a surprise 0.3 percent drop in U.S. durable goods orders in May burnished gold's appeal as a safe haven. Coming during the Fed talks, the disappointing data seemed to skew market expectations toward a tougher ...

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