Investing.com – Gold prices rose to their best level in over eight months on Wednesday, as investors looked ahead to a key monetary policy announcement from the Federal Reserve.
Comex were at $1,310.40 a troy ounce by 8:35AM ET (13:35 GMT), up $1.55, or around 0.1%. It hit its highest level since May 14 at $1,314.55 earlier.
Meanwhile, was trading at $1,311.60 per ounce, little changed on the day.
The Fed is not expected to take action on interest rates at the conclusion of its two-day policy meeting at 2:00PM ET (19:00 GMT), keeping it in a range between 2.25%-2.5%.
Fed Chair Jerome Powell will hold what will be a closely-watched press conference 30 minutes after the release of the Fed’s statement, as investors look for greater signs of how patient the U.S. central bank will be before raising borrowing costs again.
Any hint that the Fed is closer to ending its balance-sheet runoff will also be in focus.
While policymakers have pointed to two increases in 2019, the market is betting the central bank may halt its rate hikes altogether as risks to the U.S. economy mount.
The , which measures the greenback’s strength against a basket of six major currencies, held steady near a two-week low of 95.50.
Besides the Fed, market players will continue to monitor developments surrounding U.S.-China trade talks, Brexit and political turmoil in Venezuela.
Elsewhere in metals trading, rose 6.9 cents, or about 0.45%, at $15.90 a troy ounce.
— Reuters contributed to this report
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Source: Investing.com
