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Metals : Gold Ticks Higher as Investors Wait on Fed

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06/13/2018 | 06:45pm CEST

By Ira Iosebashvili

Gold prices inched higher Wednesday, as investors awaited the conclusion of the Federal Reserve's monetary policy meeting.

Gold for August delivery was recently up 0.2% at $1,301.80 a troy ounce on the Comex division of the New York Mercantile Exchange.

Most market participants expect the Fed to announce a rate increase Wednesday afternoon. Investors will also be trying to determine whether the central bank plans to accelerate the pace of its rate increases this year.

Expectations of higher rates tend to weigh on gold, which is denominated in the U.S. currency and becomes more expensive to foreign investors when borrowing costs rise.

In base metals, copper for July delivery rose 0.4% to $3.2615 a pound.

Write to Ira Iosebashvili at ira.iosebashvili@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.36% 1187.9 Delayed Quote.-8.93%
LME COPPER CASH -0.27% 5844 End-of-day quote.-18.62%
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