Gold Price Drifts Lower Ahead Of Fed Rate Decision

New York (Sept 26)  Gold prices edged lower on Wednesday and the dollar held flat as investors eagerly awaited the latest monetary policy update by the Federal Reserve.

Spot gold was down 0.12% at USD1,198.53 per ounce while US gold futures were down 0.21% at USD1,202.60.

The Federal Reserve is set to raise interest rates for a third time this year to prevent the economy from overheating.

With a 25 bps rate hike fully priced in, investors look ahead for clues over the next rate hike move in December.

The dollar may weaken post statement if the Fed turns more dovish on rate hikes, citing risks and trade uncertainties.

AllianceNews