Gold falls toward $4,000 ahead of Fed decision

Spot gold fell 0.2% to $4,010.39 per ounce as of 7:01 a.m. Türkiye time on Tuesday, October 27. U.S. gold futures dropped 0.4% to $4,023.57. Meanwhile, silver declined to $53.96 and platinum fell to $1,529.27, while the U.S. dollar index rose 0.1% to 102.04.

Despite declining oil prices, concerns that elevated energy costs could fuel inflation continue to weigh on gold. Markets are pricing in approximately a 10% probability of an interest rate hike at the Fed's October meeting, while expectations for a potential rate increase by year-end persist. Investors are closely monitoring Wednesday's Fed decision, diplomatic developments between the United States and Iran, and movements in energy prices.