Fed Decision Sends Gold Prices Lower Amid Rate Hike Uncertainty

Gold prices dipped marginally on Wednesday as investors awaited the Federal Reserve's policy decision on interest rates. The Fed is expected to keep rates steady, although there's a 30% chance of at least a 25-basis-point increase.

The market is pricing in a 76% chance of an increase in September, according to the FedWatch tool. The dollar held firm near a one-month high, making gold more expensive for holders of other currencies.

Commerzbank recently lowered its year-end gold price forecast to $4,500 per troy ounce and expects silver to reach $67 per troy ounce by the end of the year.