Gold stabilizes pending US Fed’s interest rate decision

There was little change in gold prices on Wednesday, as investors awaited the latest statements and expectations regarding interest rates from Federal Reserve Chairman Jerome Powell after the US central bank’s monetary policy meeting.

By 0938 GMT, spot gold prices stabilized at $1,930.09 per ounce, remaining below its highest level since September 5, which was recorded on Tuesday. US gold futures prices fell 0.1 percent to $1,951.10 per ounce.

Federal Reserve officials are widely expected to hold interest rates steady for now, but they will also indicate in new economic forecasts whether the need to raise interest rates further before the end of the year persists.

The Federal Reserve’s interest rate setting committee will announce its decision and updated forecasts at 1800 GMT, and Powell is scheduled to hold a press conference at 1830 GMT.

As for other precious metals, silver rose in spot transactions 0.1 percent to $23.25 per ounce. Platinum rose 0.2 percent to $941.03. Palladium increased 1.3 percent to $1,276.22.