Gold Sees Gains Ahead of Fed Rate Decision Amid Higher Interest Rate Expectations
The price of gold rose by 0.8% on Wednesday to $4,328.39 per ounce as investors waited for the US Federal Reserve's interest rate decision.
Market participants put the probability of a rate hike at 92.4%, according to CME FedWatch data, ahead of the announcement.
Frank Walbaum, an analyst at trading platform Naga.com, said that hawkish Fed rhetoric could pressure gold prices, while more dovish signals might weaken expectations of further rate hikes and support the metal.