Gold Prices Rebound Ahead of Fed Decision Amid Oil Price Volatility
Gold prices rebounded on Wednesday after two sessions of losses as investors positioned for the Federal Reserve's monetary policy decision later in the day.
The yellow metal rose 1.2% to $4,346.46 an ounce at 09:04 ET (13:04 GMT), while gold futures gained 1.3% to $4,388.34 an ounce.
The upward move comes as oil prices eased due to an unexpectedly large build in U.S. inventories, although uncertainty over the duration of Saudi Arabia's east-west pipeline shutdown kept crude elevated.
Nearly a two-day rally in oil prices paused thanks to the inventory buildup, and concerns over available supply persisted due to Saudi Aramco's delayed deliveries to European customers.
The energy risks have spilled into the bond market, with the breaching its highest level since 2007 on Tuesday before stabilizing.
A stronger dollar may also weigh on gold's attractiveness to overseas buyers and bullion's lack of interest-bearing characteristics.