Spot gold stood at $4,045.29 an ounce at 11:47 p.m. ET Tuesday (03:47 UTC Wednesday), down 0.3%, as traders awaited the Fed's 2 p.m. ET (18:00 UTC) policy announcement.
December U.S. gold futures were down 0.4% at $4,059. In a later report at 6:41 a.m. ET (10:41 UTC), FXStreet put gold near $4,050 and listed $4,047 in its technical analysis.
FXStreet’s AI-assisted analysis identified resistance near $4,070, a technical level it linked to the Oct. 7 and Oct. 14 lows. Investing.com’s daily history lists the lows on those dates at $4,066.06 and $4,073.44. Reuters reported that gold had reached $3,975 on Oct. 23, its lowest since July 20, before rising about 1% in the session preceding Wednesday’s snapshot. EconoTimes previously covered gold’s move below $4,070 amid oil-related rate concerns.
The Federal Reserve’s two-day meeting was scheduled to conclude Wednesday, with its announcement set for 2 p.m. ET (1800 UTC). In September, the central bank raised its federal funds target range by 0.25 percentage point, to 3.75%–4.00%, and said inflation remained elevated. Reuters reported that traders largely expected rates to remain unchanged on Oct. 28.
Reuters linked rising oil prices to inflation concerns and said higher energy costs could reinforce expectations that interest rates will stay elevated. Because gold pays no interest, higher rates can make interest-bearing alternatives more attractive, Reuters reported. Soni Kumari, an analyst at ANZ, called higher energy prices “a short-term key headwind” for gold.
The Bureau of Economic Analysis scheduled its September Personal Income and Outlays report for Oct. 29. Reuters described the report’s personal consumption expenditures measure as a closely watched inflation gauge.
