Gold prices rose slightly on Wednesday, following a nearly one percent gain in the previous session, as investors awaited the Federal Reserve's monetary policy decision later today, amid widespread expectations that it would leave interest rates unchanged.
Reuters reported that spot gold rose 0.1 percent to $4,061.86 per ounce by 00:36 GMT, after rising more than one percent on Tuesday, while US December gold futures settled at $4,075.60.
Markets are awaiting the Federal Reserve's monetary policy decision scheduled for 6:00 PM GMT, along with personal consumption expenditure data tomorrow, a key indicator closely monitored by the Fed as it strives to achieve a two percent inflation rate.
Data from the CME Group's FedWatch tool shows that traders largely expect the central bank to leave interest rates unchanged today, but see an 84 percent probability of a rate hike in December, while higher interest rates reduce the appeal of gold, which yields no return.
As for other precious metals, spot silver rose 0.1 percent to $54.38 per ounce, platinum fell 0.2 percent to $1,537.58, while palladium rose 0.5 percent to $1,031.42.
Source: Syrian Arab News Agency (SANA)
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