Gold Prices Fall Ahead of Fed Meeting as Dollar Rises

Gold prices fell ahead of the Federal Reserve's interest rate decision on Wednesday. The US dollar held near its highest level in a month, which may have contributed to gold's decline.

US President Donald Trump urged the Fed to cut interest rates, saying the United States should have the lowest interest rates in the world. Markets are currently pricing in a 62% probability that the Federal Reserve will keep interest rates unchanged.

The US Dollar Index was little changed at 101.57. The CME FedWatch Tool shows that investors expect at least a 25-basis-point increase in interest rates with 38% market participation.