Mubasher: Gold prices registered gains in early trade on Wednesday in spite of the increase in the dollar XE rate ahead of the US Federal Reserve meeting and the Energy Information Administration's (EIA) announcement of US official oil storage data later today.
By 4:18am GMT, the spot gold edged up 0.09% to $1,315.54 per ounce, while US gold futures were placed at $1,321.40 an ounce, higher 0.24% from Tuesday's quote.
Silver futures rose 0.43% to $19.360 per ounce.
The US dollar inched up 0.07% to 96.04 against a basket of currencies.
Market analyst Romani Zakrya considered the rise of US dollar a "speculative attempt" to make use of the speculations on the US key interest rates, expecting the US Federal Reserve meeting to leave key rates unmoved duet to the negative outlook for the world economy.
In case the Fed decides to hike the rates, gold futures are likely to damp down, but to continue on the upward trend after two weeks.
