Gold rebounds from five-month low ahead of Fed's decisions

Gold futures rose in American trade away from the lowest since July 20, as the dollar index dipped for the first time in six sessions, following a basket of data from the US, the world's largest economy, while the FOMC meeting draws to an end in Washington. 

As of 03:39 GMT, gold futures due on February 15 rose 0.42% to $1,246.90 an ounce from the opening of $1,241.70, while the dollar index shed 0.21% to 93.90 from the opening of 94.10. 

US consumer prices rose 0.4% in November in line with expectations, up from 0.1% in October, while core prices, excluding food and fuel, rose 0.1%, missing expectations of 0.2%. 

On a yearly basis, consumer prices accelerated to 2.2% as expected from 2.0% in October, while core prices slowed down to 1.7% from 1.8%. 

Now markets look forward to US President Donald Trump's speech on tax reforms in the US Treasury Department in Washington, while the Federal Open Market Committee's last 2017 meeting draws to an end today, with policymakers expected to unveil their three-year forecasts for inflation, growth, unemployment, and interest rates, while expected to also hike rates by 25 basis points for the third time this year.