gold prices ticked higher on wednesday after suffering the biggest pullback for a mostactive futures contract in six weeks during the prior session now traders are waiting for the federal reserve to release its latest decision on interest rates to see how it might impact prices of the yellow metal which briefly topped 2000 per ounce earlier this week   gold futures for april delivery gc00 gcj23 increased by 290 or 01 to settle at 1943 per ounce on comex   silver futures for may delivery si00 sik23 gained 11 cents or 05 to 2253 per ounce   palladium for june delivery pam23 fell by 1460 or 11 to 1368 per ounce while platinum prices for april plj23 rose by 450 or 05 to 982 per ounce   copper prices for may delivery hgk23 gained 4 cents or 11 to 404 per pound gold prices are likely to move on wednesday once the fed announces its decision on interest rates along with releasing its latest batch of economic projections chairman jerome powell will also deliver a statement before answering questions from the press two analysts said any hint of more aggressive interest rate hikes from the fed could weigh on the yellow metal while sending the us dollar and treasury yields higher fed funds futures markets are pricing in roughly two interestrate cuts before the end of 2023 according to cme’s fedwatch tool “a hawkish fed could see it extend the decline with 1900 being the next big test below followed by 1860” said craig erlam senior market analyst at oanda the fed will release its decision on interest rates at 2 pm eastern time powell’s press conference will begin 30 minutes later see fed likely to follow ecb’s playbook and hike interest rates this week