Steady price action in gold, silver just ahead of FOMC decision

- Gold and silver prices not straying too far from unchanged in early U.S. trading Wednesday. The markets are pausing ahead of another U.S. inflation report and the FOMC meeting results. August gold was last up $11.00 at $1,959.60 and July silver was up $0.083 at $23.905.

The U.S. data point of the week is the FOMC meeting of the Federal Reserve, that began Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Powell. A majority of the marketplace thinks the Fed will pause in its interest-rate-tightening cycle. Tuesday's CPI report that came in as expected at up 4.0%, year-on-year, falls into the camp of those expecting the Fed to pause at this week's FOMC meeting.

Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey and the weekly DOE liquid energy stocks report.

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