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Gulf Today Report
Gold prices rose on Wednesday on possibilities of higher inflation, although investors are being cautious as they await US Federal Reserve’s policy meeting outcome.
Spot gold was up 0.2% at $1,734.00 per ounce by 03:10 GMT while US gold futures were up 0.1% to $1,731.90.
OANDA senior market analyst Jeffrey Halley said "gold appears to be finding few friends finally even as US yields and the dollar continue to grind higher ... perhaps gold's inflation hedging role is quietly returning to prominence and that is supporting prices."
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Gold serves as a shield against inflation that could result due to stimulus measures, however, the increase in Treasury yields tends to reduce the appeal of gold.
The Fed is expected to announce its decision on interest rates at 18:00 GMT on Wednesday.
Spot gold rose 0.4% to $1,750.82 per ounce by 05:42 GMT while US gold futures jumped 1.3% to $1,749.80.
Spot gold was down 0.3% to $1,731.86 per ounce by 03:40 GMT while US gold futures were down 0.1% to $1,731.
Spot gold was down 0.5% at $1,736.71 per ounce by 06:00 GMT while US gold futures were down 0.2% at $1,738.80 per ounce.
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Australia’s central bank on Tuesday raised interest rates by a quarter-point to an 11-year high, and warned that further tightening may be required to ensure that inflation returns to target.