Gold futures rose Wednesday morning, moving back nearly yearly highs after a 3-day losing streak.
Traders are positioning for today’s interest rate decision from the Federal Reserve.
Some expect the Fed to signal a March rate hike is coming, while others say the Fed will be vague on further tightening until inflation picks up.
This will be the last Fed meeting with Janet Yellen as chairman. She will be replaced by Jermome Powell, the choice of President Trump, at the end of the month.
Gold was up $7.30 at $1347 an ounce, as U.S. stocks were poised to snap back after falling sharply over the past week.
The ADP jobs report, a key prelude to the government’s official monthly jobs report, was released moments ago.
Private sector payrolls jumped by 246,000 in December, beating expectation for modest jobs growth.
The material has been provided by InstaForex Company – www.instaforex.com
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