Gold futures rise

Gold futures bounced back from early weakness Wednesday as traders continue to mull prospects for the Federal Reserve to begin unwinding its monetary-policy stimulus.

Gold for August delivery rose $15, or 1.1%, to $1,392 an ounce on the New York Mercantile Exchange, after earlier dipping to an intraday low of $1,372.20.

Gold prices have suffered on expectations the Fed will move in coming months to scale back its bond buys. 

Gold had rallied sharply in recent years as the Fed and other major central banks embarked on aggressive monetary-easing programs.

Gold lost $9 on Tuesday as commodities and other assets were rattled by the Bank of Japan’s decision to stand pat on monetary policy.

Gold futures have dropped more than 17% so far this year.

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