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Gold edges higher ahead of Fed policy statement

Reuters  |  LONDON 

By Jan HarveyLONDON (Reuters) - Gold firmed on Wednesday, recovering from the previous session's near two-week low, but moves were muted as traders awaited the outcome of the Federal Reserve's latest policy meeting. The U.S. central bank is widely tipped to unveil a quarter-point interest rate rise at 1800 GMT, lifting the Fed funds target rate above 1 percent for the first time since the aftermath of Lehman Brothers' collapse in 2008. [MKTS/GLOB]Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion, while boosting the ...

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First Published: Thu, June 15 2017. 01:03 IST