Gold prices climbed on Wednesday due to some safe-haven demand ahead of the US Federal Reserve's decision on a rate hike, as traders see the fight to tame inflation nearing its endgame, reports Reuters.
Spot gold rose 0.4 per cent to $1,972.22 per ounce by 1145 GMT, while US gold futures gained 0.5 per cent to $1,973.60.
Euro-priced gold hit its highest since June 20.
The PacWest merger brought the banking sector crisis back into the headlines, supporting bullion's role as a safe-haven, said StoneX analyst Rhona O'Connell.
But, "nobody is really going to commit themselves to anything until they've seen the outcome of the FOMC meeting today."
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