Gold Stays Flat as Investors Await Fed Rate Decision

Gold prices were relatively flat on Wednesday as investors braced for the US Federal Reserve's policy decision, where a rate hike is widely expected. Spot gold was down 0.1% at $4,288.48 per ounce, while US gold futures for December delivery also declined by 0.1% to $4,328.10.

Market participants are pricing in a 92.4% chance of at least a 25-basis-point US rate hike later in the day, according to CME FedWatch. Commerzbank noted that gold's resilience may be supported by persistent fiscal concerns and elevated long-term government bond yields.

A stronger dollar makes greenback-priced gold more expensive for holders of other currencies, while high oil prices add to price pressures. The US dollar held onto recent gains, and oil prices hovered above $100 a barrel.