Gold Prices Stabilize Ahead of Fed Rate Decision
Gold prices remained steady on Wednesday as investors awaited the US Federal Reserve's policy decision and comments from Fed Chairman Kevin Warsh for clues on inflation and interest rate outlooks.
The spot gold price was little changed at $4,029.08 per ounce by 0301 GMT, while U.S. gold futures for August delivery dipped 0.2% to $4,028.10.
Market expectations indicate a 70% chance that the central bank will hold rates steady and a 30% probability of a 25 basis points hike, according to the FedWatch tool. Markets are pricing in a 76% chance of an increase in September.