Gold futures settled tad higher on Wednesday weighed down amid caution ahead to the US Federal Reserve’s verdict which is to through clues on tapering its asset purchases, following rising inflation and a spike in Delta variant COVID-19 cases, The central bank has to taper its asset purchases before it can raise rates and the pace of its tapering will affect the bullion. Higher interest rate will pressurize the yellow metal buying, as it will hike the opportunity cost of non-yielding bullion,
Gold futures for August dipped by $0.10 or 0.01% to settle at $1799.70 an ounce on the Comex division of the New York Mercantile. However, spot gold lifted by .1% at $1,800.81 per ounce.