Gold Rises Ahead of US Federal Reserve's Monetary Policy Decision

Gold prices rose slightly on Wednesday after gaining about 1% in the previous session, as investors await the Federal Reserve’s monetary policy decision later today, amid widespread expectations that the US central bank will keep interest rates unchanged.

Spot gold rose 0.1% to $4,061.86 per ounce by 00:36 GMT, following a gain of more than 1% on Tuesday.

Markets are anticipating the Federal Reserve’s monetary policy decision, scheduled for release at 18:00 GMT, along with personal consumption expenditures data on Thursday, a key indicator closely monitored by the central bank as it strives to achieve a 2% inflation rate.

CME Group’s FedWatch tool shows that traders largely expect the central bank to hold interest rates unchanged today, but they see an 84% probability of a rate hike in December.

In other precious metals, spot silver rose 0.1% to $54.38 per ounce, platinum fell 0.2% to $1,537.58, while palladium gained 0.5% to $1,031.42.