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Gold extends recovery from 8-month low ahead of FOMC meeting

FXStreet (Córdoba) - Gold advanced for a third day session Wednesday as investors await the Federal Reserve monetary policy decision later in the day.

The Fed is expected to make a statement on policy decision at 18:00 GMT and markets will be looking for hints on the timing of first rate hike. As investors are expecting a hawkish shift in Fed stance, any change in forward guidance might increase the appeal of the dollar and put gold prices under pressure.

Gold was up 0.19% at $1,237.87 an ounce having reached a high of $1,239.00/oz. The yellow metal has printed two daily gains in a row but is still close to an 8-month low of $1,225.55 scored on Monday amid broad USD strength.

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