Gold prices edged lower on the world market as concern over inflation grew ahead of the US Federal Reserve’s interest rate decision.
At 2:54pm Bangladesh time on Wednesday, spot gold was down 0.1 percent at $4,055.59 an ounce, after rising almost 1 percent in the previous session. US gold futures for December delivery fell 0.1 percent to $4,070.20 an ounce.
An attack on an oil refinery in Saudi Arabia has raised new concerns over energy supply, pushing international oil prices up by more than $2 a barrel.
Hamad Hussain, climate and commodities economist at Capital Economics, said rising oil prices, and the resulting risk that the Federal Reserve takes a tougher stance on rates than the market expects, are putting pressure on gold.
High energy prices raise the likelihood of interest rates staying high for longer. That increases the opportunity cost of holding gold, which pays no interest, and weighs on its price.
The Federal Reserve is due to announce its rate decision at 6pm GMT on Wednesday. Market analysts expect it to leave its policy rate unchanged again.
According to the CME FedWatch tool, however, investors are pricing in an 84 percent chance of a rate rise in December.
US personal consumption expenditures (PCE) price index data is due on Thursday. The central bank gives special weight to this inflation measure; its inflation target is 2 percent.
Independent financial markets analyst Nikos Tzabouras said gold could rise again if the PCE data is better than expected and the Fed takes a less hawkish stance than the market expects.
Because of high US Treasury yields, a strong dollar and expectations of rates staying high for longer, analysts have cut their forecasts for gold prices in 2026 for a second straight quarter. But in a Reuters poll they said gold could rebound in 2027.
The same poll also cut forecasts for platinum and palladium prices in 2026 for a third straight quarter.
Among other precious metals, spot silver fell 0.6 percent to $54.04 an ounce and platinum fell 0.1 percent to $1,538.50, while palladium rose 0.2 percent to $1,027.80 an ounce.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report