Gold prices rose on Wednesday after two consecutive sessions of losses, with investors awaiting the Federal Reserve's interest rate decision later in the day. At 06:31 GMT, spot gold gained 0.8% to $4,326.44 an ounce, while gold futures increased 0.8% to $4,366.50; silver advanced 1.4% to $64.59 an ounce and platinum rose 0.7% to $1,792.43. Markets priced in an approximately 92% probability of a Federal Reserve interest rate increase, which would mark its first since 2023, with investors also awaiting comments from Fed Chair Kevin Warsh. Gold has declined more than 3% in September after trading above $4,700 an ounce in late August, pressured by higher energy prices and rising bond yields, and the 10-year US Treasury yield briefly reached 5.04%, its highest level since 2007. IG senior market analyst Tony Sycamore said gold would need to regain its 200-day moving average near $4,539 to signal that its decline from the $4,697 high had ended, warning of a possible further drop toward support around $4,200 until then.
Markets price ~92% odds of a Fed rate hike, the first since 2023, pushing the 10-year Treasury yield to 5.04%, its highest since 2007.
