Sept 18 - Gold edged higher on Monday ahead of the U.S. Federal Reserve's policy decision this week, where it is overwhelmingly expected to keep interest rates steady, but investors will be watching the central bank's language on future rates.Investors over the week would be looking at policy decisions by the Fed on Wednesday, the Bank of England on Thursday and the Bank of Japan due on Friday.
"There are good chances that rates are going to remain elevated for long time and this is negative for gold," he said, adding that only a clear surpass of $1,950-1,952 levels can give fresh fuel to gold prices.Traders have priced in a 99% chance of the Fed leaving rates unchanged on Wednesday, but there's around 31% probability of a rate rise in November, according to the CME's FedWatch Tool.
Chinese gold prices hit record highs last week, extending a months-long rally as consumers snap up the safe-haven asset to offset a depreciating yuan. Physical gold premiums also soared to new highs.
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