Gold eases on higher oil prices ahead of Fed decision

Gold prices eased as crude oil rallied, with the metal trading lower ahead of the upcoming Federal Reserve policy decision. The primary transmission channel runs through inflation expectations and rate repricing: higher energy costs feed into headline inflation forecasts, which can push markets to price in a more hawkish Fed path, lifting real yields and the dollar and weighing on non-yielding bullion. The dollar and gold are the most directly exposed, with gold sensitive to shifts in real yields and the greenback, while oil reacts to its own supply-demand balance and any geopolitical premium embedded in the rally. Traders will be watching the Fed's rate statement and the accompanying press conference for guidance on how policymakers view energy-driven inflation pressures and whether they signal a willingness to tolerate them.

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