Gold price today, Wednesday, October 29: Gold opens flat ahead of Fed rate announcement

Gold (GC=F) futures opened at $3,967.20 per ounce on Wednesday, nearly flat with Tuesday’s close of $3,966.20. The price of gold moved above $4,000 in early trading. The Federal Reserve is widely expected to lower interest rates by 25 basis points today. CME FedWatch, a predictive tool, calculates a 99.9% probability that the target federal funds rate will drop to a range of 375 to 400 basis points. It is currently 400 to 425. The policymaking committee had limited data to evaluate economic risks due t ...