2017.09.2000:02:00UTC+00Gold Prices Little Changed, Fed Conclusion Eyed

Gold prices were steady on Wednesday, as investors turned their focus on the outcome of a two-day Federal Reserve meeting in the United States.

Spot gold was little changed at $1,310.93 per ounce.

U.S. gold futures for December delivery were 0.3 percent higher to $1,314.40 per ounce.

The precious metal is off 3.6 percent from Sept. 8, when it notched a one-year peak of $1,357.54. On that day, the dollar hit its weakest level against a basket of currencies in over 2-½ years.

According to analysts, concerns over North Korea might still lift the precious metal with safe-haven buying.

SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, said its holdings climbed 0.25 percent to 846.03 tonnes on Tuesday from 843.96 tonnes.

The dollar was steady against the yen and also versus a basket of currencies early on Wednesday.

Asian shares were also mostly stable following Wall Street's record closing peaks.

U.S. Treasury yields increased slightly on Tuesday as investors await the outcome of the Fed's two-day policy meeting on Wednesday for new signs on whether an additional interest
rate hike is possible this year.

According to Suki Cooper, precious metals analyst at Standard Chartered Bank in New York, the Fed balance sheet reduction "has been widely telegraphed. At the moment we believe we'll see one more rate hike."