Gold Prices Rise Amid Fed Decision Anticipation

Gold prices rose on Wednesday after touching a more than one-month low earlier in the week. Spot gold was up 0.8% at $4,326.83 per ounce as of 0650 GMT.

Market participants are awaiting the US Federal Reserve's policy decision later in the day, with a rate hike largely priced in at 92.7%, according to CME FedWatch.

Frank Walbaum, a market analyst at Naga.com, noted that 'a hawkish Fed could pull gold down, while any soft messaging may ease bets on hikes and help the metal recover.'