Gold Slumps Ahead of Fed Decision Amid Rising Oil Prices

Gold prices have declined by about 0.75% today to $4,266 per ounce as investors pull back ahead of the Federal Reserve's decision on interest rates.

The Fed's announcement, particularly its projections and tone in the press conference, will be crucial for gold's direction, with some analysts speculating that a rate hike could send a mixed signal.

Rising oil prices have also contributed to gold's decline, as higher commodity costs boost inflation expectations but simultaneously increase the likelihood of Fed rate hikes, which can hurt gold in the short term.