Gold futures drifted higher Wednesday, heading for a fourth straight gain, ahead of a Federal Reserve decision on interest rates that could set the near-term tone for the precious metal.
August gold on Comex added $2.60, or 0.2%, to trade at $1,432.30 an ounce, after gaining 0.7% for a third consecutive gain on Tuesday. The most active December contract picked up $2.20, or 0.2%, to trade at $1,444 an ounce, after gaining 0.6% in the prior session.
A fourth day of gains for bullion would represent its longest such streak since a four-session advance ended June 25, according to FactSet data. For the month, the yellow metal has gained 1.4% based on the most-active contract.
The rate-setting Federal Open Market Committee will release a decision at 2 p.m. Eastern time — a half-hour after metal’s settle on Comex — and Powell will hold a news conference at 2.30 p.m.
Meanwhile, September silver lost 7 cents, or 0.4%, at $16.485 an ounce. For the month, silver gained 7.5%, which would market its sharpest monthly climb since December.
Source : Market Watch