Italy Feb Industrial Output s.a. (MoM) declines 0.8%; -3.8% (YoY)

Gold prices were trading with caution Wednesday, ahead of the FOMC minutes later today, as investors await any clues and direction regarding the US bond buying program. Having built on a recent recovery, the yellow metal was off to another positive day, peaking at the 1588 level, though in recent moments these gains were pared and the price of gold now stands at USD $1584.36 per oz. Ultimately, a breakout in either direction will be postponed until the FOMC, which would explain the relatively narrow consolidation thus far.