Gold prices fell at the start of trading in Asian markets today, Thursday, as investors await the upcoming Federal Reserve meeting, looking for clues regarding future interest rate trends.
Spot gold decreased by 0.6% to $4,115.50 an ounce, while U.S. gold futures for December delivery fell by 0.4% to $4,132.30 an ounce.
Investors are focused on the Federal Reserve meeting scheduled for October 27 and 28, in addition to the upcoming U.S. personal consumption expenditures data expected next week, which is considered a key indicator for measuring inflation.
According to the CME Group's "FedWatch" tool, the probability of a U.S. interest rate hike next week is 16%, while expectations for a hike in December rise to 90%.
Market movements come amid rising geopolitical tensions in the Middle East, following the death of two individuals after Saudi air defenses intercepted a drone targeting a facility in the Shaybah oil field.
In other precious metals markets, silver decreased by 1.1% to $57.33 an ounce, platinum fell by 1.1% to $1,609.95, while palladium dropped by 0.8% to $1,078.52 an ounce.