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Gold prices rose on Wednesday, supported by a drop in stocks and the dollar, but gains were limited as the market cautiously awaited what the Reserve’s assessments of inflation and economic growth would reveal. federal government.
At 0707 GMT, the spot price of gold was up 0.3% to $ 1,804.69 an ounce. US gold futures rose 0.2% to $ 1,803.40 an ounce.
“Gold is benefiting from some buying to hedge risks ahead of the FOMC meeting results,” said Jeffrey Halley, chief market analyst for Asia-Pacific at Oanda.
The Fed’s statement will be released today at 6:00 p.m. GMT, followed by a press conference by Central Bank Chairman Jerome Powell.
Gold plunged 7% in June after the Fed appeared hawkish at its last meeting.
Silver rose 0.6% to $ 24.82 an ounce, after hitting its lowest level in nearly four months at $ 24.46 on Tuesday.
Palladium and platinum rose 0.7% to $ 2,626.93 and $ 1,057.99 an ounce, respectively.
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