Metals Stocks: Gold cautiously adds to January gain as Fed update awaited

Gold prices inched higher in cautious trading Wednesday ahead of potential clues from the Federal Reserve on the clip on expected interest-rate hikes this year—a scenario that had grown more pessimistic in the early weeks of the year.

“A cautious tone reflecting decidedly uneasy market conditions since the beginning of the year may spur a further downgrade of the expected rate-hike path, extending Tuesday’s moves [for higher gold, a lower dollar and falling Treasury yields] for another day,” said Ilya Spivak, senior currency strategist with Daily FX.

Read:This is what Trump did to gold, oil and other commodities in January

April gold GCJ7, +0.13% inched up $1.50, or 0.1%, to $1,210.10 an ounce and earlier hit $1,212.

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