Gold prices are trading solidly higher and near the session highs in late-morning dealings Wednesday. Short covering and position evening in the futures market, and bargain hunting in the cash market, are featured ahead of this afternoon’s FOMC statement and press conference from Fed Chair Janet Yellen. Many gold traders are reckoning the gold market will exhibit a “sell the rumor, buy the fact” scenario regarding the likely Fed rate increase this afternoon, and want to get a jump on that possible scenario. February Comex gold was last up $13.00 an ounce at $1,074.50.
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