Gold Remains Under Pressure
Gold prices fell toward $4,030 an ounce on Wednesday, hovering near three-month lows as the US dollar held at a two-week high following the Federal Reserve’s decision to leave interest rates unchanged. A surge in oil prices further fueled inflation concerns, adding pressure to the precious metal. The FOMC voted 10—2 to maintain rates, reaffirming its commitment to bringing inflation under control without providing a clear signal on whether another hike could come in December. Meanwhile, oil prices climbed after an attack on a refinery in Saudi Arabia heightened concerns over potential supply disruptions, while Axios reported that the US and Israel could launch large-scale strikes on Iran unless a last-minute deal is reached. According to the CME FedWatch Tool, markets widely expect the Federal Reserve to raise interest rates for a second time this year in December.
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Gold prices fell toward $4,030 an ounce on Wednesday, hovering near three-month lows as the US dollar held at a two-week high following the Federal Reserve’s decision to leave interest rates unchanged. A surge in oil prices further fueled inflation concerns, adding pressure to the precious metal. The FOMC voted 10—2 to maintain rates, reaffirming its commitment to bringing inflation under control without providing a clear signal on whether another hike could come in December.
Meanwhile, oil prices climbed after an attack on a refinery in Saudi Arabia heightened concerns over potential supply disruptions, while Axios reported that the US and Israel could launch large-scale strikes on Iran unless a last-minute deal is reached. According to the CME FedWatch Tool, markets widely expect the Federal Reserve to raise interest rates for a second time this year in December.