Gold and oil both traded with an eye on US-Iran diplomacy on Wednesday, with the Fed decision looming. InvestingLive reported that gold rebounded on renewed hopes for a deal, while crude oil remained under pressure on the same optimism, with the outlet noting that setbacks could push prices to new highs.
What we observed
- COMEX gold futures were shown near 4,060, down about 0.34%, and spot-style XAU/USD near 4,054 on TradingView's metals board. A chart note described gold as facing a make-or-break moment near $4,000.
- Silver futures were near 53.8, down roughly 1.3%.
- TradingView's energy board showed Brent futures near 111 and WTI near 101, though contract listings varied and the page carried no timestamp.
The driver
InvestingLive said Qatari mediators presented Iran with a new draft deal, with Iran's response expected by the end of the week. The same outlet said oil is also supported by Middle East tensions and the possibility of US military action after the midterms. The FOMC decision is due later, with a hold at 3.75-4.00% widely expected.
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