Gold Prices Dip on Inflation Fears and Fed Anxiety

Gold prices slipped over 1% on Wednesday as investors digested fresh U.S. inflation figures and awaited the Federal Reserve's latest rate decision.

The spot price of an ounce stood at $4,293.15, down 0.1% from Tuesday's close of $4,295.09.

While this represents a marginal daily decline, the bigger picture is less kind to bulls: gold now trades 4.7% below its 200-day moving average of $4,507.41, a technical breach that has put the longer-term chart under scrutiny.

The combination of robust U.S. inflation data and rising oil prices has weighed heavily on gold this month, with rate worries driving selling pressure in precious metals.