29.01.202009:51:00UTC+00Gold Prices Rise Before Fed Decision

Gold prices rose on Wednesday and the dollar fluctuated as investors watched the latest developments in the coronavirus outbreak and awaited a policy decision from the U.S. Federal Reserve due later in the day.

Spot gold rose 0.4 percent to $1,5671.33 per ounce, while U.S. gold futures were marginally higher at $1,570.35.

Investors looked past a rising death toll from China's coronavirus outbreak after the head of the World Health Organization (WHO) said he was confident in China's ability to contain the deadly virus, which has claimed 132 lives so far and infected nearly 6,000 in China.

Investors await the outcome of a U.S. Federal Reserve meeting later today, though no changes in the benchmark rate and the policy statement are expected. The U.S. central bank is expected to hold rates steady and not signal any other moves.