Gold slips slightly ahead of Fed rate decision

Gold bars

Gold futures edged lower on Wednesday as investors are awaiting the Federal Reserve’s policy decision due later today, amid expectations pointing to a 25 basis-point rate cut.

December gold futures fell 0.15% or $4.80 to $3,720.30 per ounce. Spot gold declined 0.25% or $9.60 to $3,680.38 an ounce as of 8:27 am Makkah time.

The US dollar index, which measures the greenback against a basket of six major currencies, was steady at 96.70 points.

Silver futures for December delivery dropped 1.35% to $42.34 an ounce, while spot platinum slipped 0.25% to $1,396.74 and palladium eased 0.2% to $1,178.57.

Profit-taking by investors, after gold prices hit record highs in both spot and futures markets in the previous session, added downward pressure on prices.