Gold Price Drops to $1,147.75 Amid Fed Talks

Gold dropped slightly on Wednesday, sliding 0.1 percent to hit $1,147.75 an ounce, according to Reuters. Meanwhile, US gold futures for April delivery dipped by 0.01 percent to trade at $1,148.10, as per Investing.com

Investors are waiting for the results of a US Federal Reserve policy meeting that began on Tuesday. Many investors expect a mid-year interest rate increase to come from the Fed talks. “The timing of the first U.S. rate hike is a driving factor for the gold market at the moment,” said Norbert Ruecker, head of commodity research for Julius Baer.

Expectations of a rate hike have been looming for some time, and have caused the yellow metal to drop 3 percent since the beginning of the year.