Gold Edges Lower Ahead Of Fed Decision
(RTTNews) - Gold prices were subdued on Wednesday as oil prices moved back toward four-year highs and caution prevailed ahead of the Federal Reserve's interest-rate decision later in the day.
Spot gold slipped 0.2 percent to $4,054.36 an ounce after rising more than 1 percent in the previous session. U.S. gold futures were down 0.2 percent at $4,067.75.
Brent crude futures jumped more than 1 percent above $115 a barrel after U.S. President Donald Trump stated that further U.S. strikes against Iran after the midterm elections remain a possibility.
"I can't tell you that, but anything is possible," Trump said when asked whether the U.S would attack Iran again after next week's midterm elections.
Media reports suggest that the U.S has alerted several Persian Gulf nations to a possible short, intense campaign against Iran after the midterm elections.
According to a Wall Street Journal report, a Patriot system is heading to Israel, munitions are being restocked, and extra warships are poised to arrive next month.
It was said that Trump is leaning toward a large attack on Iranian infrastructure and nuclear sites but remains undecided.
Additionally, an attack on a refinery in Saudi Arabia underscored heightened supply risks in the region.
While Yemen's Iran-aligned Houthis said they had hit Saudi Arabia's biggest oil refinery with a missile, Saudi authorities didn't confirm the strike on the 550,000 barrel-per-day facility.
The U.S. dollar held near a two-week high ahead of the Federal Reserve's rate decision later today, followed by rate decisions from the European Central Bank and Bank of Japan this week.
The U.S. central bank is expected to keep rates steady despite inflation data for September coming in hotter than expected.
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