Futures prices for gold rose from its lowest level in five months on Wednesday, with the US dollar fell after US inflation data and lackluster ahead of the federal policy decision later in the day.
Comex gold futures were up $6.10 or about 0.49% at $1,247.80 a troy ounce, off five-month lows of $1,238.30 hit on Tuesday. Globally, gold was trading at USD 1,243.50 an ounce in Singapore.
At the Multi Commodity Exchange, gold for delivery in February was trading higher by Rs 40 to Rs 28,182 per ten gram.
Data showed earlier that US consumer price inflation rose as expected in November, while core data eased unexpectedly.
The sense of the US dollar was also weak after a Democratic candidate won the seat of the US Senate in Alabama, reducing the already narrow majority of senators in parliament.
A reduced majority in the Senate could make President Donald Trump more difficult to implement tax reform plans and other economic policies.
It is expected to raise the Fed’s interest rate policy in the two-day meeting which will end on Wednesday, it is now seen to tighten two to three times in the next year, but concerns about tepid inflation could change the outlook for 2018.
The dollar index, which measures the strength of the dollar versus a basket of six major currencies, rose 0.23% to hit 93.84.
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