Investing.com - Gold prices inched higher on Wednesday, as investors looked ahead to the Federal Reserve’s monetary policy statement due later in the session for fresh signals on the timing of a U.S. interest rate hike.
Gold for December delivery on the Comex division of the New York Mercantile Exchange tacked on $5.00, or 0.43%, to trade at $1,170.80 a troy ounce during European morning hours. A day earlier, gold shed 40 cents, or 0.03%.
The Fed is widely expected to hold off on raising interest rates at the conclusion of its policy meeting later in the day. The central bank releases its post-meeting statement at 2:00PM ET and investors will be looking for signals on the possibility of a December rate hike.
Concerns over a global economic slowdown led by China and its impact on U.S. growth prospects have prompted market participants to push back expectations for a rate increase to March 2016, though a few haven't completely ruled out a move in December.
The timing of a Fed rate hike has been a constant source of debate in the markets in recent months.
Elsewhere in metals trading, copper for December delivery on the Comex division of the New York Mercantile Exchange shed 2.0 cents, or 0.85%, to $2.342 a pound during morning hours in London.
Copper prices have been under pressure in recent sessions as persistent worries about future demand from top consumer China weighed.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.