Commodities
Gold Prices Hold Steady Ahead of Fed Rate Decision
Gold prices remained subdued on Wednesday as market participants held their breath ahead of the US Federal Reserve's policy decision, where a rate hike is widely anticipated.
The spot gold price was down 0.1 per cent at $4,288.48 per ounce, while US gold futures for December delivery were also down 0.1 per cent at $4,328.10.
According to CME FedWatch, traders are now pricing in a 92.4 per cent chance of at least a 25-basis-point US rate hike later in the day.
A hawkish Fed could further pull gold down, while any soft messaging may ease bets on hikes and help the metal recover, said Frank Walbaum, a market analyst at trading platform Naga.com.