Gold Edges Lower Ahead of Federal Reserve Rate Decision

Singapore's gold market took a slight dip on Wednesday as investors held back from making large bets ahead of the Federal Reserve's highly anticipated monetary policy decision.

The Fed is widely expected to raise interest rates, and markets are bracing for the impact. As a result, spot gold prices fell 0.1% to $4,288.48 an ounce, while US gold futures for December delivery slipped 0.1% to $4,328.10 an ounce.

Others in the precious metals sector were also affected, with platinum plummeting 0.3% to $1,770.47 an ounce and spot silver remaining relatively unchanged at $63.67 an ounce. However, palladium bucked this trend by rising 1% to $1,301.61 an ounce.