Gold edges higher to over five-month peak

Gold prices moved higher to a more than five-month peak on Wednesday as a softer dollar supported the yellow metal ahead of the US central bank policy meeting.

Spot gold was up 0.1 percent at $1,250.20 per ounce, after hitting its highest since July 11 at $1,251.06 earlier in the session.

In Saudi Arabia, gold was retailing at SAR 4,682 an ounce on Wednesday morning.  

“The market is largely in a holding pattern as everyone is focusing on the FOMC (Federal Open Market Committee) meeting. We see prices largely range-bound,” Reuters quoted Benjamin Lu, a commodities analyst with Phillip Futures in Singapore, as saying.