Bengaluru — Gold consolidated at around $1,500 on Wednesday, keeping to a $3 range ahead of a US Federal Reserve decision on monetary policy, while fears of oil-led inflation ebbed, limiting safe-haven inflows into bullion.“Hopes that Saudi Arabia’s production is going to come back online and oil prices will start to depreciate have boosted market sentiment, so we continue to see some calm across the markets ahead of the US Fed meeting,” said FXTM analyst Lukman Otunuga.
The Fed will conclude its latest policy meeting later on Wednesday, buffeted by conflicting economic data and under steady White House pressure to cut interest rates sharply.
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