Gold Holds Steady Amid Fed Rate Decision Looms

The price of spot gold remained relatively steady on Wednesday at $4,029.08 per ounce as traders awaited the U.S. Federal Reserve's interest rate decision.

The Fed's decision is due at 1800 GMT, followed by comments from Chairman Kevin Warsh at 1830 GMT.

Kelvin Wong, a senior market analyst at OANDA, noted that gold's direction was closely tied to the Fed meeting, and that a shift towards less hawkish messaging could help reverse the metal's recent downward bias.

The FedWatch tool indicates a 70% probability of maintaining current rates, while markets price in a 76% likelihood of a rate increase in September.