02:00 PM EDT, 07/30/2025 (MT Newswires) -- (Updates prices.)

Gold moved lower midafternoon on Wednesday ahead of the end to the two-day meeting of the Federal Reserve's policy committee that is expected to leave interest rates unchanged, while reports showed the U.S. economy rose at a faster than expected pace in the second quarter.

Gold for December delivery was last seen down US$27.70 to US$3,353.50 per ounce.

The Federal Open Market Committee ends its two-day meeting at 2:00 p.m. eastern time. Despite pressure from President Donald Trump for lower interest rates, the group is widely expected to leave rates unchanged.

Along with the rate decision, the market will also consider a stronger than expected print for U.S second-quarter gross domestic product. The U.S. Bureau of Economic Analysis' first report said the economy grew at a 3.0% pace in the quarter, ahead of the FactSet consensus estimate for a rise of 2.3% and following on a first-quarter drop of 0.5%.

"The increase in real GDP in the second quarter primarily reflected a decrease in imports, which are a subtraction in the calculation of GDP, and an increase in consumer spending," the bureau noted.

The dollar moved up following the data. The ICE dollar index was last seen up 0.55 points to 99.44, the highest since May 28. Treasury yields also rose, with the U.S. two-year note last seen paying 3.902%, up 2.7 basis points, while yield on the 10-year note was up 3.4 points to 4.36%.