Gold Prices Rise as Dollar Weakens Ahead of Fed Rate Decision

Gold prices rose on Wednesday as the dollar weakened and oil prices eased.

The spot price of gold hit $4,324.36 per ounce, a 0.7% increase from the previous day.

This comes as investors await the US Federal Reserve's interest rate decision, which could have a significant impact on the precious metal's trajectory.

Nikos Tzabouras, senior market analyst at Tradu.com, notes that gold is firming up due to easing dollar strength and lower oil prices.

However, he cautions that the near-term bias remains to the downside, but the Fed's decision will ultimately determine bullion's trajectory.