FXStreet put gold at $4,061 per troy ounce in a Tuesday update, as markets awaited the Federal Reserve’s scheduled policy decision Wednesday at 2 p.m. ET.
The outlet said the metal had earlier touched $3,989 and then advanced more than 1%. It also put West Texas Intermediate (WTI) crude at $100.05 a barrel, down more than 1%.
FXStreet’s market assessment was that the oil pullback eased concern about energy adding to inflation, a factor it said helped gold. EconoTimes previously covered gold trading near $4,000 before the same Fed meeting.
The Conference Board’s October survey recorded consumer confidence at 91.7, a 7.5-point rise from September’s 84.2. Respondents’ average estimate for inflation over the next year fell to 5.8%, the board said. The survey covered Oct. 1-21.
At its Sept. 16 meeting, the Federal Open Market Committee (FOMC) raised the federal funds target range by 0.25 percentage point, to 3.75%–4%. The Fed’s statement described inflation as still elevated.
The FOMC’s two-day meeting runs through Wednesday, Oct. 28. The Fed’s calendar schedules the policy announcement for 2 p.m. ET, followed by a press conference.
