Gold was steady as traders watched for signs the conflict in the Middle East could widen to include the US, while also awaiting an interest-rate decision by the Federal Reserve later in the day.
President Donald Trump declined on Wednesday to say whether the US plans to join Israel's military offensive on Iran. He met with his national security team on Tuesday, fueling speculation that the US may join Israel's attack.
Ahead of the Fed's rate decision, the latest US data showed jobless claims ticked down last week, stabilizing near the highest levels in eight months. A separate report showed housing starts slid to a five-year low. The US financial markets will be closed Thursday for a holiday.
The Fed is widely expected to leave rates unchanged for a fourth straight meeting, reiterating it needs more clarity on the impacts of a wide array of Trump administration policies before adjusting borrowing costs. Fed watchers continue to pencil in two rate cuts this year, but some economists say the "dot plot" could show just one.
Meantime, direct American intervention in the Middle East conflict would potentially push gold past the record high of $3,500 an ounce set in April. Bullion has already rallied around 30% this year on a cocktail of trade, economic and geopolitical risks that's prompted central banks to scoop up the precious metal.
Spot gold was up 0.4% to $3,388.57 an ounce as of 10:49 a.m. in New York. The Bloomberg Dollar Spot Index dipped 0.1%. Silver also slipped, while platinum and palladium advanced.
Source : Bloomberg
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