Gold inches down as dollar firms; Fed in focus
Wednesday, 26 September 2018 08:33 WIB | PRECIOUS METALS |GOLDEMAS Spot EmasEmas berjangka

Gold prices nudged down early Wednesday on a firmer dollar, as investors waited for details of the U.S. Federal Reserve's two-day meeting that should give clues whether policymakers will raise interest rates for the third time this year.

Spot gold was down 0.1 percent at $1,200.18, as of 0057 GMT. U.S. gold futures little changed at $1,204.6 an ounce.

The dollar index, which weighs the greenback against a basket of six major currencies, was up 0.1 percent.

Investors await details from the two-day Federal Reserve meeting that began on Tuesday, with the U.S. central bank expected to raise benchmark interest rates and shed light on the path for future rate hikes.

Higher U.S. interest rates typically pressure gold, since it costs to store and insure, but does not pay interest.

Source: Reuters

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