Gold pinned near one-year lows on dollar strength

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 inched 0.1 percent lower to $1,221.14 per ounce by 1230 GMT, close to a one-year low of $1,211.08 reached on July 19.

US gold futures were 0.2 percent lower at $1,230.70 an ounce.

The Fed is expected to keep rates unchanged, but solid economic growth combined with rising inflation is likely to keep it on track for another two hikes this year, sapping demand for non-interest-paying gold.