Gold edges higher, all eyes on Fed

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Gold crept up early on Wednesday as the market waited for the end of a two-day U.S. Federal Reserve meeting, with the central bank expected to hike interest rates and give indications on its monetary policy for the rest of the year.


FUNDAMENTALS

* Spot gold had risen 0.2 percent to $1,267.85 per ounce at 0106 GMT. It hit a session low of $1,259.16 on Tuesday, its weakest since June 2.

* U.S. gold futures for August delivery climbed 0.1 percent to $1,269.80 per ounce

* Palladium, which marked a 16-year high last week, was down 0.5 percent at $878.25 an ounce.

* The Fed is widely expected to raise its benchmark interest rate this week due to a tightening labour market and may also provide more detail on its plans to shrink the mammoth bond portfolio it amassed to nurse the economic recovery.

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