Gold price advances during the North American session after hitting a record high of $3,703 on Tuesday, poised to continue to trend up as traders await the Federal Reserve’s (Fed) monetary policy decision on Wednesday. At the time of writing, XAU/USD trades at $3,689, up 0.27%.
The Pound Sterling advances over 0.30% as the Greenback drops to a ten-week low, according to the US Dollar Index (DXY). The two-day meeting by the Federal Open Market Committee (FOMC) begins on Tuesday, at which the Fed is expected to reduce interest rates.
When asked about the US’ request to G7 for higher sanctions on India and China for buying Russian oil, Japanese Finance Minister Katsunobu Kato said, “Japan has pledged to comply with World Trade Organization (WTO) rules, but will consider measures to raise pressure on Russia and coordinate with G7