(RTTNews) – Gold prices were little changed on Wednesday after four straight days of gains and ahead of the Federal Reserve’s rate decision later in the day.
Spot gold was little changed at $4,330.65 an ounce while U.S. gold futures were down 0.1 percent at $4,349.20.
The U.S. central bank is widely expected to keep interest rates unchanged despite concerns over persistent inflation.
With investors focused on macroeconomic conditions and policy direction, all eyes will be on the policy statement, updated economic projections, and Kevin Warsh’s first post-meeting press conference.
The dollar index was steady ahead of the Fed decision and the release of U.S. retail and pending home sales readings for May.
On the geopolitical front, market participants await clarity over the specifics of the U.S.-Iran peace deal that will be formally signed on Friday in Switzerland.
The signing of the Memorandum of Understanding is likely to pave the way for a 60-day negotiating process to address key issues that have plagued U.S.-Iran diplomacy for decades.
The framework may rapidly unlock Iranian oil exports, channel funds into its economy and begin a phased rollback of sanctions in exchange for nuclear curbs.
According to Bloomberg, Iran could have access to up to $300 billion in reconstruction funds as part of its agreement with the United States.
The proposed agreement could unlock billions in frozen Iranian assets and allow the country to immediately begin selling oil and fuel.
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