(RTTNews) - The price of gold was moving higher Wednesday morning even as the U.S. dollar was firm ahead of the outcome of the FOMC meeting later today.
Gold for December delivery, the most actively traded contract, edged up $1.50 to $1,810.60 an ounce. Yesterday, gold settled above $1,800 after rating agency Standard & Poor's downgraded Italy's sovereign debt rating, escalating concerns over euro zone debt crisis.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to 1,252.21 tons from 1,251.91 tons.
Meanwhile, the U.S. dollar was ticking higher versus the euro and hovering near its 9-month high against sterling. The buck was ticking higher against the Swiss franc and trading flat versus the yen.
In economic news, Bank of England policymakers voted unanimously for a second consecutive meeting to retain the benchmark interest rate at record low, while signaling that they are exploring the possibility of adding more stimulus in the face of deteriorating economic prospects both at home and abroad, the minutes of the September 8 policy meeting revealed Wednesday.
Elsewhere, the prices of silver and platinum were moving higher in morning deals.
In economic news from the U.S., the National Association of Realtors will release its report on existing home sales at 10.00 a.m ET. Economists expect the sales to have edged up to 476,000 from the last month's 467,000.
Traders will look for cues from the Federal Reserve Open Market Committee, which is concluding its 2-day meeting later today.
