Gold prices headed higher on Wednesday after rising for four straight sessions as investors awaited an interest-rate decision from the Federal Reserve. Later this week, decisions are also expected from the Bank of Japan and Bank of England.
Still, “gold refuses to fall, edging higher in all currencies and defying the higher rate of return offered to cash as the appeal of investment insurance grows on the risk of a Fed mistake, raising rates too far too late for the economy to bear,” he said. Prices for the precious metal have drifted lower all summer in an increasingly tight range, but after the yellow metal’s latest spurt higher, some traders are hoping for more directional clarity following Wednesday’s Fed decision and press conference.
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