Gold Prices Climb Ahead of Federal Reserve Interest Rate Decision

Gold prices rose on Wednesday as investors awaited the Federal Reserve's monetary policy decision. Markets widely expect an interest rate hike in the United States.

The dollar index, which measures the US currency against a basket of six major peers, remained flat at 99.63.

Commerzbank analysts said gold's resilience reflected persistent fiscal concerns weighing on markets, as evidenced by elevated long-term government bond yields and rising political risks in the United States.

The Fed is expected to raise interest rates by at least 25 basis points, with a 92.4% chance according to the CME FedWatch Tool.