Gold futures edge lower ahead of Fed decision

Gold futures fell as investors awaited the outcome of the US Federal Reserve meeting.

Gold futures fell on Wednesday as investors awaited the outcome of the US Federal Reserve meeting later in the day, with markets widely expecting a 25-basis-point interest rate cut.

December gold futures dropped 0.35%, or $13.9, to $3,967.9 an ounce.

Spot gold rose 0.25%, or $10.4, to $3,961.99 an ounce, while silver gained 0.9% to $47.47 an ounce.

The US dollar index, which tracks the greenback against a basket of six major currencies, rose 0.2% to 98.86 at 7:57 a.m. Makkah time.

December silver futures edged up 0.15% to $47.39 an ounce. Spot platinum slipped 0.65% to $1,574.1, and palladium fell 0.1% to $1,392.72 an ounce.

Analysts at ANZ Bank said in a note cited by Reuters that progress in US-China trade talks was dampening demand for safe-haven assets, adding that the recent price declines could provide an opportunity for central banks to boost purchases.