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Gold prices edged higher on Wednesday as investors awaited the U.S. Federal Reserve’s policy decision later in the day. The metal rose about 1 % in the previous session and was trading at $4,061.86 per ounce in spot markets at 00:36 GMT, a 0.1 % increase from the previous close. U.S. Treasury futures for December delivery settled at $4,075.60 per ounce, according to Reuters. Market participants are closely watching the Fed’s announcement scheduled for 18:00 GMT, as well as U.S. personal consumption expenditures (PCE) data due tomorrow. The PCE index is a key inflation gauge that the Fed uses in its 2 % target. FedWatch data from CME Group indicate that traders largely expect the Fed to keep rates unchanged today, but see an 84 % probability of a rate hike in December. Higher interest rates tend to reduce the appeal of non‑yielding assets such as gold. In related metal markets, silver rose 0.1 % to $54.38 per ounce, platinum fell 0.2 % to $1,537.58 per ounce, and palladium increased 0.5 % to $1,031.42 per ounce. Article source: Al Bilad | Image credit: Al Bilad
Gold prices edged higher on Wednesday as investors awaited the U.S. Federal Reserve’s policy decision later in the day. The metal rose about 1 % in the previous session and was trading at $4,061.86 per ounce in spot markets at 00:36 GMT, a 0.1 % increase from the previous close. U.S. Treasury futures for December delivery settled at $4,075.60 per ounce, according to Reuters. Market participants are closely watching the Fed’s announcement scheduled for 18:00 GMT, as well as U.S. personal consumption expenditures (PCE) data due tomorrow. The PCE index is a key inflation gauge that the Fed uses in its 2 % target. FedWatch data from CME Group indicate that traders largely expect the Fed to keep rates unchanged today, but see an 84 % probability of a rate hike in December. Higher interest rates tend to reduce the appeal of non‑yielding assets such as gold. In related metal markets, silver rose 0.1 % to $54.38 per ounce, platinum fell 0.2 % to $1,537.58 per ounce, and palladium increased 0.5 % to $1,031.42 per ounce.
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