Gold extends gains for fifth session ahead of US Fed decision

BAGHDAD, Iraq — Gold prices rose for a fifth straight session on Wednesday as investors awaited the US Federal Reserve's monetary policy decision later in the day, supported by easing expectations of an American interest rate hike. Spot gold gained 0.3% to $4,341.12 an ounce, while US gold futures for August delivery added 0.2% to $4,361.10. The advance in the precious metal coincided with oil prices falling to a three-month low on signals that Iranian crude supply could return to global markets, easing inflation concerns. Markets are broadly expecting the Fed to leave interest rates unchanged at the conclusion of its meeting on Wednesday. Fed funds futures data showed the probability of a US rate hike in December had eased to 59% from 70% last week. Other precious metals also traded higher, with silver up 0.3% at $70.38, platinum gaining 0.5% to $1,812.80 and palladium adding 0.3% to $1,355.65.