By Ira Iosebashvili
Gold prices inched higher Wednesday, as investors awaited the conclusion of the Federal Reserve's monetary policy meeting.
Gold for August delivery was recently up 0.2% at $1,301.80 a troy ounce on the Comex division of the New York Mercantile Exchange.
Most market participants expect the Fed to announce a rate increase Wednesday afternoon. Investors will also be trying to determine whether the central bank plans to accelerate the pace of its rate increases this year.
Expectations of higher rates tend to weigh on gold, which is denominated in the U.S. currency and becomes more expensive to foreign investors when borrowing costs rise.
In base metals, copper for July delivery rose 0.4% to $3.2615 a pound.
Write to Ira Iosebashvili at email@example.com
(END) Dow Jones Newswires
June 13, 2018 12:44 ET (16:44 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.