Gold prices fell at the start of Asian trading on Thursday. Spot gold dropped 0.6% to $4,115.50 per ounce, while U.S. gold futures for December delivery declined 0.4% to $4,132.30 per ounce.
Other precious metals also recorded losses. Silver fell 1.1% to $57.33 per ounce, platinum dropped 1.1% to $1,609.95, and palladium declined 0.8% to $1,078.52 per ounce.
Investors are waiting for the U.S. Federal Reserve’s October 27–28 meeting for clues about the future direction of interest rates. They are also watching the upcoming personal consumption expenditures (PCE) report, a key measure of U.S. inflation.
According to the CME Group’s FedWatch tool, markets were pricing in a 16% chance of a U.S. interest rate hike next week, while the probability of a hike in December stood at 90%.