Key facts
- Spot gold was $4,011.58 per ounce on the morning of October 27.
- Gold rose approximately 0.5% the previous day.
- Traders estimate a 10% probability of a Fed rate hike this week.
Gold prices held steady above $4,000 an ounce on Wednesday, with market participants awaiting the Federal Reserve's interest rate decision. Traders are pricing in a low probability of a rate hike, but further increases in energy prices could prompt the Fed to resume monetary tightening later in the year. High interest rates typically put downward pressure on gold prices as the metal does not yield interest income. Silver prices declined 0.2% to $53.86 per ounce, while platinum and palladium prices saw little change. The U.S. dollar experienced a slight strengthening.