Gold Prices Rise as Markets Await US Fed Rate Decision

Gold prices rose on Wednesday as investors awaited the US Federal Reserve's interest rate decision. The dollar weakened, and oil prices eased, contributing to gold's increase.

Spot gold was up 0.7% at $4,324.36 per ounce as of 0842 GMT, having hit a more than one-month low on Monday.

Nikos Tzabouras, a senior market analyst at Jefferies-owned Tradu.com, said: 'Gold firms up today on easing dollar strength, a cooldown in oil prices and a pullback in U.S. bond yields.'

However, Tzabouras also noted that technically the near-term bias remains to the downside, but bullion's trajectory will be determined by the Fed's decision.