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Gold futures inched higher Wednesday morning amid speculation the Federal Reserve will signal concerns over stubbornly low inflation.
The Fed makes its latest interest rate announcement today at 2 pm ET. Markets do not expect the Fed will hike rates, but instead hint they will keep rates low until inflation picks up.
They will, however, say they are trimming their bloated balance sheet starting in October.
Gold was up $5 at $1316 an ounce, having turned lower in recent days as soaring stocks limited the safe haven appeal of the precious metal.
Existing Home Sales for August will be released at 10.00 am ET. The economists are looking for consensus of 5.440 million, slightly up from 5.440 million in the previous month.
