Gold Price Moves Narrow As Investors Wait for Fed Meeting

Gold prices remained above the lowest level in three weeks on Wednesday as the dollar recovered from losses, but prices are still moving within a limited range as traders are awaiting instructions from the US Federal Reserve meeting for a rate hike.

Spot gold prices edged up by 0.2% to $ 1,123.11 / onz this morning, above the level of three-week low of $ 1,116.20 reached earlier this week. Precious metals refrain from weakening to a four-day losing streak on Tuesday, getting some support from a weaker dollar.

US non-farm payroll data failed to provide more clarity at the time of the first Fed rate hike in nearly a decade.

Markets are currently awaiting the Fed's policy meeting on September 16 to 17 to get more clues.

Prospects for higher interest rates, which would increase the cost of ownership oportunity gold is non-yielding assets and strengthened the dollar, has weighed on precious metals prices this year.