Gold rose, but its movements remained within a narrow range on Wednesday, July 26, as dealers refrained from big bets ahead of the US Federal Reserve’s policy decision later in the day.
Spot gold rose 0.3% to $1,969.51 an ounce by 07:47 GMT.
US gold futures rose 0.4% to $1,971.
“The broader markets are eyeing a massive rate pause for the remainder of the year, while Fed officials could go in the opposite direction by leaving the door open for another hike in September or November,” said Yip Jun Rong, market analyst at IG.
Gold is highly sensitive to rising interest rates because it increases the opportunity cost of holding non-yielding metal.
As for other precious metals, there was no significant change in silver prices, which recorded $24.68 an ounce, platinum rose 0.3% to $967.58, and palladium fell 0.2% to $1281.70.
