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(Bloomberg) — Gold edged lower ahead of a finely balanced interest-rate decision by the Federal Reserve due later Wednesday.
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Bullion was near $4,020 an ounce in early trading, extending a 1.1% decline in the previous session. Interest-rate swaps imply about a one-in-three chance of a quarter-point hike by the Fed, an unusually high degree of uncertainty so close to a decision by the standards of recent years. Higher borrowing costs are typically a headwind for non-yielding gold.
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Policymakers are likely to be torn between June’s tamer-than-expected inflation reading and the more recent rise in oil prices that accompanied a flare-up in fighting between the US and Iran this month. Crude rebounded on Wednesday after a three-day decline, as tensions persisted across the Middle East.
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Four days after the US ended nearly two weeks of airstrikes on Iran, President Donald Trump welcomed Israeli Prime Minister Benjamin Netanyahu to the White House and sought to lay the ground for further diplomacy. The US military meanwhile said it had intercepted an “attempted surprise attack” on troops based in the Middle East.
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Gold is down by nearly a quarter since the US-Iran war began five months ago, with high energy prices stoking inflationary pressures. However, the metal has held near the key support level of $4,000 an ounce since late June, bolstered by a wave of dip-buying.
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Spot gold fell 0.3% to $4,018.58 an ounce at 7:16 a.m. in Singapore. Silver dropped 0.5% to $56.88 an ounce, having given up more than 2% in the previous session. Platinum and palladium also traded lower. The Bloomberg Dollar Spot Index, a gauge of the US dollar, was marginally higher after slipping 0.1% on Tuesday.
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