The gold price at the European market was signed on Wednesday to recover from the lowest level in three weeks previously recorded yesterday's dealings, with a pause the rise of the US dollar against a basket of global currencies, just before the results of the first meeting of the Federal Reserve under the leadership of Jerome Powell, which is is widely expected to result in an increase of US interest rates by a quarter of a percentage point.
Gold prices rose by about 0.5% up to 12:05 GMT to deliberate at the level of $1316.80 of the ounce of the opening level of $1310.71, registering the highest level of $1317.83, and the lowest level of $1309.86.
Yesterday, gold prices lost 0.5%, and the lowest level in three weeks was $1307.18, with the US dollar rising against a basket of global currencies, backed by higher American bond yields a ten-year class for the highest level in two and a half years.
The dollar index dropped by more than 0.2 percent on Wednesday, reversing the rise of the US currency against a basket of major and secondary currencies, which is in favor of higher prices for metals and goods denominated in US dollars.
The US currency stop coming up ahead of the results of the first meeting of the Federal Reserve under the leadership of the new president, Jerome Powell, which is expected to raising interest rates by a quarter percentage point to a range of 1.75%, in the first increase of US interest rates out of three expected increases Year.
The US interest decision, monetary policy statement and economic forecast are issued by 18:00 GMT, and Jerome Powell, head of the Federal Reserve, is speaking by 18:30 GMT.
Investors are focusing on the statement of monetary policy and Powell's statements, in search of new evidence of possible acceleration of tightening monetary policy and raising interest rates four times over the current year.
Gold holdings in the SPDR Gold Trust, the world's largest gold-supported indicator funds dropped 0.3 metric tons in the first reduction in more than two weeks, to a total of 850.54 metric tonnes.