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US Dollar Slips Ahead of Fed Decision as Oil Prices Ease Inflation Fears 
Australia Inflation Cools as Core CPI Misses Forecasts, Easing RBA Rate Hike Pressure 
South Korean Chip Stocks Plunge as AI Spending Concerns and China Competition Shake Market 
Eurozone Bond Yields Fall as Oil Slump Eases Inflation Fears Ahead of Central Bank Meetings 
Gold Prices Rise as Weak Dollar, Fed Rate Decision in Focus 
Brazil Challenges Trump Tariffs at WTO Over Trade Dispute 
Dollar Holds One-Month High as Fed Rate Hike Bets Grow, Yen Remains Under Pressure 
US Stock Futures Slip as AI Spending Fears, Fed Decision Weigh on Markets 
US Stock Futures Slip Ahead of Fed Decision, Big Tech Earnings Amid Middle East Tensions 
India GDP Growth Forecast Cut as Weak Investment, High Oil Prices Weigh on Economy 
Gold prices traded little changed during Asian trading on Wednesday as investors stayed cautious ahead of the U.S. Federal Reserve's closely watched interest rate decision, while renewed geopolitical tensions in the Middle East pushed oil prices higher and revived inflation concerns.
Spot gold slipped 0.1% to $4,025.38 per ounce, while U.S. gold futures fell 0.4% to $4,023.10. The precious metal had already declined more than 1% in the previous session after a stronger U.S. dollar reduced demand by making gold more expensive for international buyers.
Although the U.S. Dollar Index eased 0.1% on Wednesday, it remained near a one-month high, limiting gains for the yellow metal. Investors are now focused on the outcome of the Federal Reserve's two-day policy meeting, where officials are widely expected to leave interest rates unchanged.
Market participants are expected to closely monitor comments from Fed Chair Kevin Warsh for signals on the timing of any future rate cuts. According to CME Group's FedWatch Tool, traders largely anticipate the central bank will maintain current borrowing costs. Higher interest rates typically pressure gold because the non-yielding asset becomes less attractive compared with interest-bearing investments.
Geopolitical developments also remained in focus after Iran launched ballistic missiles toward U.S. forces in the Middle East, with the U.S. military reporting that all were intercepted. Meanwhile, Iraq's Iran-aligned Popular Mobilization Forces accused U.S. and Saudi forces of conducting airstrikes on its facilities, while Saudi Arabia said it intercepted drones targeting oil infrastructure and blamed Iran-backed militias.
The renewed conflict ended a brief pause in hostilities between Washington and Tehran, fueling concerns about supply disruptions. Oil prices surged more than 4% following the latest developments, increasing fears that higher energy costs could keep inflation elevated. ING analysts noted that rising oil prices linked to escalating Middle East tensions may weigh on gold by strengthening inflation expectations.
Investors are also awaiting key U.S. economic data later this week, including the Personal Consumption Expenditures (PCE) Price Index and July nonfarm payrolls report, which could provide further direction for Federal Reserve policy.
Among other precious metals, silver gained 0.6% to $57.49 per ounce, while platinum slipped 0.5% to $1,598.60. Copper prices also weakened, with both London Metal Exchange and U.S. copper futures declining 0.3%.
