The price of gold fell during the Asian trading session. Empire FX's Crispus Nyaga said in an email that the precious metal appears to be trading mainly within the consolidation range of the past few weeks. He said the market may be reacting to the Fed's decision to keep interest rates unchanged. He said that traders seem to expect interest rate hikes at the next meeting, but the possibility of staying on hold again may have increased after the release of the latest US personal consumer spending price index. Despite this, he added, major central banks are expected to tighten their policies in the coming months. Higher interest rate environments usually drag down this unprofitable yellow metal. Spot gold fell 0.3% to $4,091.57 an ounce.

The price of gold fell during the Asian trading session. Empire FX's Crispus Nyaga said in an email that the precious metal appears to be trading mainly within the consolidation range of the past few weeks. He said the market may be reacting to the Fed's decision to keep interest rates unchanged. He said that traders seem to expect interest rate hikes at the next meeting, but the possibility of staying on hold again may have increased after the release of the latest US personal consumer spending price index. Despite this, he added, major central banks are expected to tighten their policies in the coming months. Higher interest rate environments usually drag down this unprofitable yellow metal. Spot gold fell 0.3% to $4,091.57 an ounce.