Gold slips on higher oil; markets assess Warsh comments after Fed holds rates steady
GLD•GLD•GLD•GLD•Spot gold fell 0.5% to $4,039.39 an ounce, and U.S. gold futures settled 0.6% lower at $4,051.60. Oil rose as concerns about Middle East supply risks stoked inflation worries, while the Fed held rates at 3.75%-4.00%.
Gold prices fell on Wednesday as higher oil weighed on the metal and investors assessed comments from Fed Chair Kevin Warsh after the central bank held rates steady. Spot gold lost 0.5% to $4,039.39 an ounce, while December U.S. gold futures settled 0.6% lower at $4,051.60.
The Fed kept rates in a 3.75%-4.00% range, as expected, and said inflation remained elevated. The 10-year Treasury yield was up 4.11 basis points at 5.034%. Brent futures rose more than 1% after an attack on a Saudi Arabian refinery renewed concerns about Middle East supply risks. Traders are awaiting U.S. Personal Consumption Expenditures data due Thursday.
