Gold Edges Higher Ahead of US Fed Rate Decision

The spot price of gold rose by 0.8% to $4,328.39 per ounce on Wednesday, September 16, ahead of the US Federal Reserve's interest rate decision.

Market participants were awaiting the Fed's decision, with expectations of a rate hike weighing on gold prices.

CME FedWatch data showed a 92.4% probability of the Fed raising rates by at least 25 basis points, according to Frank Walbaum, an analyst at Naga.com.

However, Walbaum noted that dovish signals could weaken expectations of further rate hikes and support gold prices.