Commodities
Gold Holds Steady Ahead of Fed Rate Decision
Gold prices remain subdued ahead of the US Federal Reserve's policy decision on interest rates. Investors are bracing themselves for a rate hike, which is widely expected, with a 92.4% chance according to CME FedWatch.
The current spot gold price stands at $4,288.48 per ounce, down 0.1% from the previous day's close. US gold futures for December delivery are also down 0.1% at $4,328.10.
Market analyst Frank Walbaum notes that a hawkish Fed could further pull gold prices down, while any soft messaging may ease bets on hikes and help the metal recover.
The stronger dollar makes greenback-priced gold more expensive for holders of other currencies, adding to price pressures.