Gold slips on oil-fuelled inflation fears ahead of Fed meeting
GLD•Spot gold fell 0.3% to $4,045.29 an ounce as higher oil prices stoked inflation fears ahead of the Federal Reserve’s policy decision. Analysts cut their 2026 gold price forecast for a second straight quarter.
1. Oil prices lift inflation concerns
Spot gold was down 0.3% at $4,045.29 per ounce by 0347 GMT on Wednesday, after gaining about 1% in the previous session. Higher oil prices following an attack on a Saudi refinery renewed concerns about supply risks in the Middle East.
2. Fed decision in focus
Investors awaited the Fed’s policy decision, due at 1800 GMT, for clues on interest rates. Traders largely expect rates to remain unchanged, while pricing in about an 84% chance of a December hike. US Personal Consumption Expenditures data is due Thursday.
3. Forecasts trimmed
Analysts lowered their 2026 gold price forecast for a second straight quarter, citing high Treasury yields, a strong US dollar and expectations that rates will stay higher for longer. They still expect a recovery in 2027, a survey showed.
