Forex
Gold Prices Rise Ahead of Federal Reserve Decision
Gold prices edged up on Wednesday as investors prepared for the Federal Reserve's interest rate decision. The spot gold price gained 0.22% to $4,036.09 per ounce.
Nikos Tzabouras, senior market analyst at Tradu.com, said that gold is holding up today due to technical buying around the psychological $4,000 level and prospects of a US-Iran diplomatic off-ramp and market expectations for a Fed hold.
The Federal Reserve's policy decision is due at 1800 GMT, with Fed Chair Kevin Warsh set to make comments at 1830 GMT. Market participants expect the central bank to hold rates steady, but around 31% are pricing in a 25-basis-point hike according to the CME FedWatch Tool.