Gold Prices Trade Higher as Weak Dollar Precedes US Fed Rate Decision

Gold prices traded with mild gains on Wednesday, supported by a weaker U.S. dollar as traders awaited the Federal Reserve's policy decision.

Spot gold rose 1.3% to $4,347.91 per ounce, while domestic near-month MCX futures increased by ₹1,040 to ₹1,51,850 per 10 grams.

Money markets priced in a greater than 90% chance of a quarter-point rate hike following hotter-than-expected inflation and jobs data.