Gold edges lower ahead of Fed decision on interest rates

Gold prices inched lower on Wednesday as the dollar held firm and market participants awaited the Federal Reserve’s policy decision for clues ​on inflation and the path of U.S. interest rates. Spot ‌gold fell 0.1% to $4,021.87 per ounce by 0052 GMT. U.S. gold futures for August delivery lost 0.4% to $4,021.70. The Fed will conclude its two-day policy meeting ​on Wednesday and is expected to hold interest rates steady. Market ​expectations indicate a 70% chance of a status quo and ⁠a 30% probability of at least a 25-basis-point increase, according to ​the FedWatch tool. Markets are pricing in a 76% chance of an ​increase in September.