Investing.com - Gold prices were unchanged on Wednesday in Asia ahead of the highly-anticipated U.S. Federal Reserve policy decision later in the day.
Gold futures for August delivery on the Comex division of the New York Mercantile Exchange was unchanged at $1,429.55 a troy ounce by 1:01 AM ET (05:01 GMT).
The yellow metal has now recouped almost all the losses suffered after last week's European Central Bank meeting.
All eyes will be on the U.S. Federal Reserve’s announcement of its decision on interest rates that is set to happen later in the day stateside.
Investing.com analyst Darrell Delamaide said that the Fed statement and press conference with Jerome Powell will overshadow the rate cut itself.
“The market reaction this week depends a lot on how the committee phrases its consensus message and most of all on how Powell explains the thinking of policymakers,” Delamaide said.
“If he continues to emphasize headwinds and risks to the economy, especially from trade tensions, investors can maintain their belief that further cuts are in store.”
On the Sino-U.S. trade front, U.S. President Donald Trump again accused China for not fulfilling its promise to buy more U.S.-made agricultural products in a series of tweets overnight.
“China is doing very badly, worst year in 27 - was supposed to start buying our agricultural product now - no signs that they are doing so. That is the problem with China, they just don’t come through,” Trump wrote.
“My team is negotiating with them now, but they always change the deal in the end to their benefit. They should probably wait out our Election to see if we get one of the Democrat stiffs like Sleepy Joe. Then they could make a GREAT deal, like in past 30 years, and continue to ripoff the USA, even bigger and better than ever before.”
Trump went on and warned that if he wins the election, China will be getting a “much tougher” deal than the one that are under negotiation now.