Gold Prices Extend Losses Amid Fed Hike Fears and US Economic Data

Gold prices continued their decline on Wednesday as investors grew cautious ahead of the Federal Reserve's upcoming meeting. The US dollar index, which tracks the greenback's performance against a basket of six major currencies, edged up 0.10% to 99.76 points.

Data from the CME FedWatch Tool showed that traders are pricing in a 68% probability of an interest-rate hike at this month's Federal Reserve meeting. The market is also awaiting US economic data due later today, including the ADP private-sector employment report and the Federal Reserve's Beige Book.