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Gold gains ahead of Fed rate decision
Gold prices rose today, Wednesday, September 16, amid investor anticipation of the U.S. Federal Reserve's decision on interest rate hikes, with a 92.4% probability of a 25 basis point increase. Futures prices for gold hovered around $4,368.70 per ounce, while the spot price reached $4,324.36, after hitting its lowest level in over a month. It is expected that hawkish statements from the Federal Reserve could lead to a continued decline in prices, whereas any signals of leniency might help the metal recover. The rise of the dollar and oil prices above $100 a barrel further pressured gold. Meanwhile, escalating geopolitical tensions in the region, coupled with security warnings from Saudi Arabia following attacks attributed to Iran, added to the market uncertainties.
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