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Gold Prices Edge Up; Dollar Flat by www.expertcommodity.com

Gold prices edged up on Wednesday while the dollar remained unchanged, as investors awaited a speech by Federal Reserve chairman Jerome Powell due later in the day.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.2% at $1,203.5 a troy ounce.

The U.S. dollar index that tracks the greenback against a basket of other currencies was unchanged.

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Powell will speak later in the day, reports citing analysts said Powell might attempt to calm concerns about the Fed hiking rates too fast.

The Fed indicated earlier this month that it is still on course to hike interest rates in December.

Interest rate increases and higher U.S. bond yields are usually bearish for gold, which offers no yield. They also tend to boost the dollar, in which gold is priced.