Gold rose to $1,113.40 ( 0.73%) as equities declined boosting demand for safe-haven assets. Economists surveyed by Reuters now expect the U.S. Federal Reserve to raise interest rates three times this year rather than four. The central bank of the U.S. needs to consider struggling global economy. Higher interest rates are unfavorable for the non-interest-paying precious metal, that's why a decision to postpone a rate hike would be welcomed by gold investors.
The Federal Reserve's Federal Open Market Committee starts its two-day policy meeting today, however any changes to the monetary policy and interest rates are unlikely.