Gold prices rose to more than one-week high, as investors expect the Federal Reserve;s meeting outcome later in the session.
It is expected that at 18:00 GMT the Federal Reserve will leave unchanged its policy rate at the end of the two-day meeting.
After 30 minutes Chairman Janet Yellen will hold a long-awaited press conference. Investors will closely monitor any changes in the tone of the head of the Central Bank in relation to the economy and look for any hints on the timing of rate increases.
In the currency market, USD index, which tracks the greenback against a trade-weighted basket of six major rivals, is trading at 95.80, after rising to 96.29 earlier, the highest level since 9 August.
Against the yen, the dollar fell 1% to 100.57 after a session high of 102.78, due to views that the recent changes in the monetary policy of the Bank of Japan are not enough to stimulate the growth of inflation.
A strong US dollar, as a rule, is putting pressure on gold, as it reduces the metal’s appeal as an alternative asset and increases the price of dollar-denominated commodities for holders of other currencies.
The cost of the October futures for gold on COMEX rose to $ 1329.2 per ounce.
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