Gold Edges Higher

Gold inched higher on Wednesday as market participants awaited a statement from the US Federal Reserve for hints on the central bank’s monetary policy stance following its two-day meeting. Markets are also keeping a close track on the naming of the next Fed chair, the Bank of England’s policy meeting on Thursday and US payrolls data on Friday, Wionews reported. Spot gold rose 0.3% to $1,275.36 per ounce. US gold futures for December delivery were up 0.5% at $1,276.50. Gold dipped in the early Asian hours but interest out of China provided some support later, analysts said. “Shanghai saw a heightened premium around $9 as a result of lower spot price and physical demand out of the region acted to restrict further declines leading into European hours,” MKS PAMP trader Sam Laughlin said in a note. Among other precious metals, silver climbed 1.2% to $16.88 an ounce. Platinum was up 1.4% at $928.40 an ounce. Palladium, which scaled an over two-week high at $995.90 per ounce earlier in the day, was up 1.3% at $992.47 an ounce.