Gold gains on softer oil prices ahead of Fed meeting - CNBC

AI desk brief

Gold rose 0.9% to $4,051.78/oz and December futures gained 0.69% to $4,066.40/oz as softer oil prices eased inflation worries and tempered Fed hawkishness, though the metal pulled back from an earlier intraday low of $3,987.14. Traders are awaiting the Fed meeting and Thursday’s PCE release, with CME FedWatch pricing an 83% chance of a December rate hike, keeping higher-for-longer rates a bearish overhang for bullion.

Middle East headlines remain a key trading catalyst, with oil still near multi-month highs despite Tuesday’s decline. Silver rose 0.8% to $54.37/oz, platinum added 0.3% to $1,531.95/oz, and palladium fell 1.4% to $1,035.00/oz.