Gold and Silver Prices Fall as Buyers Stay Sidelined Ahead of Federal Reserve Decision
Gold and silver prices fell in late-afternoon U.S. trading on Tuesday as buyers stayed sidelined ahead of Wednesday's Federal Reserve decision.
The spot price of gold was trading near $4,027.40 an ounce, down 1.18%, while spot silver was trading near $57.02, down 2.19% on the session.
The decline in oil prices reduced the immediate inflation impulse that had pressured gold through yields, but it also removed part of the defensive bid tied to chokepoint risk.
Traders are watching Wednesday's Fed decision and Chair Kevin Warsh's press conference, Thursday's GDP and PCE inflation data, and any fresh disruption to Hormuz or Red Sea shipping lanes.