Gold prices edge up, attempt to halt 3-session skid ahead of Fed update

Gold futures rose modestly on Wednesday, aiming to snap a three-session slump, ahead of a policy update from the Federal Reserve due later in the session, which could set the tone for financial markets over the next few months.

The Fed will release an updated policy statement and its projections for interest rates, known as the dot plot, at 2 p.m., a half-hour after precious metals settle on Comex. A news conference will be held by Fed Chairman Jerome Powell at 2:30 p.m.

Gold futures so far this week, are down over 1%, as commodity investors await the Fed’s outlook for inflation, which has shown evidence of surging in the U.S. in the recovery phase from the COVID pandemic.