Gold prices are steady on Wednesday, as the spot price stands at $1237.25 per ounce. The metal has posted modest gains this week, after slipping about 3% against the strong US dollar. Taking a look at today's events, the US will release CPI numbers later in the day. As well, the Federal Reserve releases its policy statement, followed by a press conference with Fed chair Janet Yellen. US inflation indicators remain soft, as underscored by weak manufacturing inflation numbers in August. PPI, a key event, dipped to just 0.0%, a 3-month low. The estimate stood at 0.1%. Core PPI slipped to 0.1%, down from 0.2% a month earlier. Meanwhile, the Federal Reserve will be in the spotlight, with the Fed expected to trim its QE scheme by another $10 billion. At one time, the Fed was pumping up to $85 billion/month, but a strong recovery has allowed the Fed to steadily taper its asset purchases, and the QE program is expected to wind up in October. Investors are taking a cautious approach to the Fed statement, as there is speculation that the Fed could use hawkish language and send gold to lower levels. Scottish voters will cast their ballots in a referendum on independence on Thursday. The most recent polls are pointing to a close vote, with many voters still undecided. If voters do choose to secede from the UK, this would create plenty of questions and uncertainty, including what currency an independent Scotland would use and how the national debt would be divided. A vote to split up the UK could lead to turmoil in the markets and weigh heavily on the markets. Traders should treat the referendum as a market-mover, as a close vote could have negative repercussions for the struggling pound.

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