Gold settles higher ahead of Fed decision

New York (June 18)  Gold futures inched higher Wednesday as investors waited for the Federal Reserve's monetary policy decision due at 2 p.m. Eastern. The Fed is expected to continue reducing its monthly bond purchases and will release its latest economic forecasts. Meanwhile, tensions in Iraq flared up Wednesday as the country's main oil refinery caught fire amid fighting between the government and militants. Gold for August delivery  GCQ4 +0.01%   added 70 cents, or 0.1%, to settle at $1,272.70 an ounce
 at the COMEX.

Source: MarketWatch