Gold holds near $4,290 before Fed decision

The price of gold remains around $4,290 per ounce ahead of the upcoming Federal Reserve decision on interest rate hikes, amid rising oil prices and inflationary pressures, which have led to a 92% expectation of rate increases. The yield on the 10-year U.S. Treasury bond has risen to its highest level since 2007, increasing borrowing costs and exerting pressure on gold, which does not offer interest. Gold is heading toward its third consecutive weekly decline as markets await the Federal Reserve’s stance; continued rate hikes are expected to weaken the metal and push it to lower levels, with a chance of breaking a key support at $4,250 per ounce.

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