Bengaluru — Gold prices edged up on Wednesday to hit their highest since May, supported by uncertainty over US-China trade relations and the expectation the US Federal Reserve will keep rates on hold later in the day. Spot gold was up 0.2% at $1,313.91/oz by 2.45am GMT, after touching its highest since May 15 at $1,314.10 early in the session. US gold futures rose 0.3% to $1,312.30/oz. “For the short-term gold is going to move higher as the Federal Reserve will have a dovish tone, which should weaken the dollar and give gold a bit of a move up,” said INTL FCStone analyst Edward Meir. The absence of an agreement in US-China trade talks should also benefit gold, he said. Investors are waiting on the Federal Reserve’s policy decision later in the day, with expectations officials will reinforce their recent dovish stance given a stalemate on global trade, signs of a slowdown in the US economy, and waning business and consumer confidence. The Fed raised interest rates four times in 2018....
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