The US Federal Reserve decided today to hold interest rates unchanged between 1.75% and 1.50%, in a widely expected move to pause to assess the appropriate path and the implications of last three cuts of this year.

The Fed stated that the current monetary policy is appropriate to stimulate the US economic growth, a strong labor market, and inflation near the bank's target of 2%.

Federal Reserve officials removed the word "uncertainty" from their statements this time, which the markets interpreted as a hint of the possibility of changing interest rates in the near-term.

Most Fed's members expect that the bank's monetary policy will not change in the next year and will be raised only once in 2021.

The statement also showed that there is no concern among members compared to previous meetings, as the lowered their forecasts about the unemployment rate in 2020 to 3.5% from 3.7% in previous estimates.

They also forecast the US GDP to continue growing above or under the 2% over the next three years.

While the Federal Reserve stressed on the continued strength of the labor market and the continued economic growth at a moderate pace.

Gold prices rose today, to extend gains for the third straight day, on the US dollar drop against a basket of currencies, and ahead of the US Fed monetary policy decision, which will be the last during this year. 

Gold prices rose by 0.3% to $1,467.91, after opening at $1,463.80, and hit a session-low of $1,462.67.

The yellow metal gained 0.2% yesterday, to post its second straight daily gain buoyed by the US dollar's drop.

The US dollar index fell by 0.1% against its rivals, to deepen its losses for third straight day, as sell-off continued on the US currency against a basket of major currencies.

This drop in US dollar is due to investors' risk aversion after the release of weak Chinese data and the lingering uncertainty about the US-China trade talks while the date of the US tariffs decision approaches on $156 billion worth of Chinese goods, which is due Dec.15.

The last US Federal Reserve's meeting during 2019 will conclude and the rate decision will be unveiled later today, amid increased market's bets for the Fed to hold interest rates unchanged at 1.75%, and settle for the three rate cuts of this year.

The US interest rate decision, the monetary policy statement, and the economic outlook statement will be issued by 19:00 GMT, and Jerome Powell, the Federal Reserve Chairman, will speak by 19:30 GMT.

At 19:00 GMT the US Fed will unveil its interest rate decision, the monetary policy statement, and the Fed's economic outlook, and will be followed by Fed Chair Jerome Powell's speech by 19:30 GMT.

Markets will be on lookout for strong hints about the chances of the Fed to ease the monetary policy and make further rate cuts during 2020.

Gold holdings at the SPDR Gold Trust, fell yesterday by 0.3 metric tonnes, to a total of 885.93 mt (the lowest since Sept.18).

The US Energy Information Administration (EIA) showed today that the US crude inventories rose by 800K barrels to reach a total of 447.9 million barrels during last week, beating forecasts of a rise by 2.8 million barrels.

The gasoline stockpiles rose by 5.4 million barrels to a total of 233.8 million barrels, and distillate stockpiles rose by 4.1 million barrels with a total of 123.6 million barrels.

The American Petroleum Institute (API) showed yesterday in preliminary data that the US commercial crude inventories rose by about 1.4 million barrels during same period.

Palladium prices rose during trading hours today, near the $1,900 per ounce threshold, amid concerns over production disruptions in South Africa as the country is facing a power outage crisis.

Palladium mining alongside other metals have stopped in South Africa, the world's largest supplier of platinum and the second largest of palladium.

This came after a blackout for the seventh straight day in South Africa, which has affected government facilities and the country's industrial activities.

Palladium continues to show a record-breaking run, due to the lack of supply and a surge in demand, as the metal is used in the manufacturing of car components that reduce exhaust and pollutant emissions.

Analysts at Citigroup forecast Palladium to advance further to fresh record highs and breach the $2,500 mark in the middle of 2020, due to supply shortages.

As for trading, palladium March futures surged 0.8% to $1,884.8 an ounce as of 14:25 GMT, and hit a session-high of $1,886.1 and a low of $1,865.