17.03.202110:19:00UTC+00Gold Inches Higher As Investors Await Fed Decision

Gold inched higher on Wednesday to hover near two-week high as investors awaited the outcome of U.S. Federal Reserve's two-day policy meeting.

Spot gold edged up 0.1 percent to $1,733.15 per ounce, after having earlier touched a level unseen since March 1 at $1,740.90. U.S. gold futures were up 0.1 percent at 1,733.30.

The Fed will conclude its March meeting at 2:00 pm ET. The central bank is widely expected to leave interest rates unchanged, but traders will be paying close attention to any changes in the accompanying statement.

Market participants are focused on the Fed's outlook for rates and the economy amid improving economic situation.

All eyes are on Powell's comments regarding the central bank's plans to address rising yields in the future.

Traders also await U.S. reports on housing starts and building permits for more clues on the state of the world's largest economy.

Treasury yields held near 13-month high as investors started repricing the updated inflation and economic outlook. The dollar was stronger versus most major peers.