20.09.202310:00:00UTC+00Gold Little Changed Ahead Of Fed Rate Decision

Gold prices were subdued on Wednesday and the dollar was little changed as investors await the Federal Reserve's monetary policy announcement later in the day.

Spot gold was little changed at $1,930.97 per ounce, while U.S. gold futures were down 0.1 percent at $1,951.95.

While the Fed is set to leave its key interest rate unchanged, focus will be on what signals the U.S. central bank might send about its likely next actions.

The updated projections may show that the policymakers expect to raise their benchmark rate once more this year.

Investors also look ahead to policy meetings of the Bank of England, the Bank of Japan, the Swiss National Bank, the Norges Bank and the Riskbank this week for direction.

In economic releases, preliminary data from Destatis showed earlier today that German producer prices declined at a record pace in August mainly due to the base effect caused by the very high price level of the previous year.

The producer price index fell 12.6 percent year-over-year in August, much faster than the 6.0 percent decline in the prior month, which was the first decline since November 2020.

Elsewhere, data showed the U.K. consumer price inflation slowed unexpectedly in August.

U.K. consumer price index posted an annual increase of 6.7 percent in August after rising 6.8 percent in July, according to the Office for National Statistics. This was the weakest inflation since February 2022.