Gold slips on higher oil prices ahead of Fed decision
GLD•Spot gold fell 0.2% to $4,050.55 an ounce as oil prices rose and investors awaited the Federal Reserve’s decision. Analysts cut their 2026 gold price forecast for a second straight quarter.
1. Gold edges lower
Spot gold was down 0.2% at $4,050.55 per ounce by 1249 GMT, while U.S. gold futures for December delivery fell 0.2% to $4,064.60. Oil prices rose more than 1% after an attack on a Saudi refinery renewed concerns about supply risks. An economist at Capital Economics said higher oil prices and the risk of a more hawkish Fed appeared to weigh on gold.
2. Rates and forecasts
The Fed was widely expected to leave rates unchanged at its decision later Wednesday, while traders priced in an 83% probability of a December hike. Investors were also awaiting U.S. Personal Consumption Expenditures data due Thursday. Analysts cut their 2026 gold price forecast for a second straight quarter, citing high Treasury yields, a strong U.S. dollar and expectations that rates will remain higher for longer; they also cut 2026 forecasts for platinum and palladium for a third straight quarter.
