Gold is showing limited movement on Wednesday, continuing the trend
seen in the Tuesday session. XAU/USD is trading at $1283.95 in the North
American session. On the release front, today's highlight is the FOMC
rate statement, with the markets expecting the Federal Reserve to
maintain the current benchmark rate of 0.25%. Will we see some movement
from gold after the Fed announcement? There was positive news out of the
US earlier in the day. PPI came in at 0.4%, beating the estimate of
0.3%. As well, the Empire State Manufacturing Index was unexpectedly
strong, with a reading of 6.0 points. US Crude Inventories continued to
decline, with a reading of -0.9 million.
