NEW YORK: Gold prices edged lower on Wednesday after rising by around 1% in the previous session, as higher oil prices fuelled inflation concerns and investors awaited the US Federal Reserve’s monetary policy decision for clues about the future direction of interest rates.
Spot gold fell 0.3% to $4,045.29 per ounce as of 0347 GMT on Wednesday. Meanwhile, US gold futures for December delivery declined 0.4% to $4,059.00 per ounce.
Silver, Platinum and Palladium Prices
Among other precious metals, spot silver fell 0.6% to $54.06 per ounce, while platinum declined 0.4% to $1,533.64 per ounce. In contrast, palladium gained 0.5% to reach $1,030.80 per ounce.
The outlook for precious metals is likely to depend on the Federal Reserve’s interest rate decisions, inflation data, movements in the US dollar and developments in global energy prices.
