Gold Prices Jump Amid Oil Slump Ahead of Fed Rate Decision

Gold prices surged over 1% on Wednesday as oil and U.S. Treasury yields declined, awaiting the Federal Reserve's interest-rate decision for clues on future monetary policy.

The spot gold price rose to $4,353.82 per ounce, up 1.4%, while U.S. gold futures for December delivery increased by 1.4% to $4,395.10.

Bart Melek, global head of commodity strategy at TD Securities, attributed the market's optimism to lower energy prices and reduced long-term Treasury yields.

The Federal Reserve will announce its rate decision at 2 p.m. EDT (1800 GMT), followed by a press conference from Chair Kevin Warsh.