Ammon News - Gold prices edged up on Wednesday, supported by lower Treasury yields and a slight pullback in the dollar, while investors await the Federal Reserve's policy decision later in the day for guidance on the monetary policy trajectory.

Spot gold was up 0.1% at $3,328.65 per ounce as of 0422 GMT. U.S. gold futures rose 0.1% to $3,326.10.

"There could be a chance that the Fed may start to tilt towards the dovish side of the pendulum, and that is being portrayed on the Treasury yields," OANDA senior market analyst Kelvin Wong said, adding that dollar strength has also eased for now.

The U.S. dollar index retreated from a more than one-month high, while benchmark 10-year Treasury yields hovered near a one-month low on Wednesday.

The Fed is widely expected to keep rates steady, despite U.S. President Donald Trump's constant call to lower them. Markets continue to price in a potential rate cut in September.

Spot silver held steady at $38.21 per ounce, platinum lost 0.6% at $1,386.73 and palladium rose 0.5% to $1,265.07. Reuters