Gold rises on easing dollar, oil as Fed rate verdict looms
GLD•Other precious metals move higher
Among other metals, spot silver XAG= rose 1.4% to $64.54 per ounce, platinum XPT= edged 0.3% higher to $1,782.74, and palladium XPD= gained 1.8% to $1,313.42.
Fed decision and rate expectations
"Gold firms up today on easing dollar strength, a cooldown in oil prices and a pullback in U.S. bond yields," said Nikos Tzabouras, a senior market analyst at Jefferies-owned Tradu.com.
"Technically, the near-term bias remains to the downside, but bullion's trajectory will be determined by the Fed's decision."
The U.S. central bank will announce its rate decision at 1800 GMT, which will be followed by a press conference from Fed Chair Kevin Warsh.
Traders are pricing in a 93% chance of at least a 25-basis-point U.S. rate hike, according to the CME FedWatch Tool.
Gold is traditionally seen as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding bullion.
