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Gold Edges Higher Ahead Of Fed Policy Statement
Gold firmed on Wednesday, recovering from the previous session's near two-week low, but moves were muted as traders awaited the outcome of the Federal Reserve's latest policy meeting. The U.S. central bank is widely tipped to unveil a quarter-point interest rate rise at 1800 GMT, lifting the Fed funds target rate above 1 percent for the first time. Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion, while boosting the dollar. Markets await fresh clues on policy after scaling back their expectations for further U.S. rate hikes this year over the last few months.
Gold firmed on Wednesday, recovering from the previous session's near two-week low, but moves were muted as traders awaited the outcome of the Federal Reserve's latest policy meeting. The U.S. central bank is widely tipped to unveil a quarter-point interest rate rise at 1800 GMT, lifting the Fed funds target rate above 1 percent for the first time. Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion, while boosting the dollar. Markets await fresh clues on policy after scaling back their expectations for further U.S. rate hikes this year over the last few months.
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