Gold traders remain on the sidelines as the market awaits word from the Federal Reserve as to what the central bank's latest policy statement will say. ETF Securities U.S. research director Mike McGlone tells TheStreet's Joe Deaux that despite most market participants having a good idea what the bank will say, it's not enough to trigger more activity as few catalysts are in the market to push prices in one direction. McGlone also says price support from escalation of violence in Iraq will only hold so long as geopolitical events don't drive prices as much as macroeconomic fundamentals.

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