Spot gold edged 0.2% lower to $4,050.55 an ounce by 1249 GMT on Wednesday 28 October, and US gold futures for December delivery fell 0.2% to $4,064.60, as higher oil prices stoked inflation worries ahead of the Federal Reserve's decision. Gold had risen about 1% in the previous session, so the pullback came after a gain, not as part of a slide.

Gold eases before the Fed

The Fed decision was due later on Wednesday, at 18:00 GMT, and was widely expected to leave the benchmark rate unchanged, with traders pricing an 83% probability of a December hike according to CME FedWatch. No outcome is claimed here: at the time of the price reports the decision was still ahead. US personal consumption expenditure data, a gauge the Fed watches closely against its 2% inflation target, is due on Thursday and will also shape expectations.

What traders are watching next

Among other metals in the same snapshot, spot silver fell 0.5% to $54.09 an ounce, platinum rose 0.1% to $1,542.22, and palladium dropped 0.4% to $1,022.44. The pattern fits the wider picture from this week's analyst survey, covered by DailyByte earlier: forecasters trimmed their 2026 gold average while lifting 2027, pointing to high yields and a strong dollar as near-term headwinds against steady central-bank buying.

Sources: Reuters via Kitco and IndexBox.