Gold Edges Higher Amid Fed Anticipation
Gold prices edged higher on Thursday as investors waited for the Federal Reserve's rate decision and Chair Kevin Warsh's press conference. Despite a 92.4% chance of at least a 25-basis-point hike, traders were looking to see what signal Warsh might give about where rates go after that.
Gold ticked up by 0.8% to $4,328.39 an ounce, while December US gold futures fell 0.9% to $4,369.50. This indicates that gold is in contango, meaning the futures price includes the cost of carrying bullion over time, including financing and storage costs.
Oil prices slipped on a surprise rise in US crude inventories, even as investors monitored Middle East and Red Sea-related supply risks. Commerzbank noted gold's resilience despite higher long-term bond yields, suggesting that investors are also keeping an eye on fiscal and political uncertainty.