Gold prices rose Wednesday amid speculation the Federal Reserve will delay raising interest rates and issue a dovish outlook on monetary policy later today.

The Federal Open Market Committee (FOMC) are now meeting in Washington. The announcement is due at 2pm US eastern time.

The market consensus anticipates no change.

“International developments and domestic data released since the September decision are unlikely to have increased the Fed’s sense of “reasonable confidence” that inflation will rise over time,” RBS Bank said in a research note.

Gold has been stuck in limbo near $1170 for the past few weeks amid uncertainty about where interest rates are heading.

U.S. gold for December was up 7 dollars at $1172 an ounce on the Comex this morning.

The material has been provided by InstaForex Company – www.instaforex.com