Gold Slips on Oil-Fueled Inflation Fears Ahead of Fed Meeting
Gold prices ticked lower on Wednesday after the previous session's climb of about 1%, as higher oil prices stoked inflation fears while investors awaited the Federal Reserve's policy decision later in the day for clues to the rate outlook. Spot gold was down 0.5% at $4,037.11 per ounce by 0743 GMT. US gold futures for December delivery dropped 0.6% to $4,051.30. "Gold is moving based on the interest rate expectations and inflation risks because of higher energy prices," said Soni Kumari, an analyst at ANZ.
