Gold prices rose while the US dollar remained unchanged on Wednesday as investors awaited a two-day Fed meeting later in the day.
The Federal Reserve held its first meeting of the two-day monetary policy meeting in September amid market bets that a 100% chance for the central bank announced on Wednesday that it would raise interest rates by a quarter percent, the third in a year.
Higher interest rates increase bond yields, making gold without interest less attractive to investors. They also tend to strengthen the dollar, making gold priced in dollars more expensive for other currency holders. The dollar has been the favorite safe haven for gold in recent months as traders were urged to buy the greenback in the belief that the United States had something to lose from the conflict.
