Gold prices gained ground in Asian trade on Wednesday, recouping some of the losses sustained yesterday, as the dollar declines against a basket of major rivals ahead of the Federal Reserve's policy decisions.
Dollar managed to rise against major rivals yesterday on expectations of another Fed rate hike this week, underpinning the greenback.
Demand has recovered on commodities and stocks today after a phase of risk aversion dominated the markets recently, with the bonds market siphoning most of the liquidity.
The major factor behind recent drops in stocks and commodities is expectations of a Fed rate hike this week, hurting precious metals like gold, which are considered unyielding and mere value storage.
Gold inched up to $1,313.42 an ounce from the opening of $1,310.71, with a session-low at $1309.86, and a high at $1,314.07.