2019.10.3010:56:00UTC+00Gold Prices Inch Higher Ahead Of Fed Decision

Gold prices were up slightly on Wednesday as trade worries persisted and focus shifted to central bank meetings.

Spot gold edged up 0.2 percent to $1,490.36 an ounce while U.S. gold futures were up 0.15 percent at $1,493.30.

Hopes over a concrete U.S.-China trade deal faded after reports suggested a phase one trade deal between the U.S. and China may not be signed by a summit in Chile next month.

Markets now brace for what seems almost assuredly to be a third rate cut in as many meetings of the Federal Reserve later today.

The Federal Open Market Committee announcement is scheduled for 2:00 p.m. ET, followed by a press conference with Powell at 2:30 p.m. ET.

The Bank of Canada and the Bank of Japan are also holding their monetary policy meetings in the next 24 hours.

The U.S. dollar held steady against major currencies ahead of the release of U.S. GDP data which is expected to show a further slowdown in the third quarter.