Stock futures are little changed as traders await Fed decision, Big Tech earnings: Live updates

Gold prices rose slightly on Wednesday, as investors awaited the Federal Reserve's decision on policy later in the day. The central bank is widely expected to maintain interest rates unchanged. Spot gold increased by 0.10 percent to US$4,061.86 per ounce by 0036 GMT, after surging over one percent and reaching a session high of US$4,065.55 on Tuesday.

US gold futures for December delivery remained steady at US$4,075.60. Traders are anticipating the Fed's decision at 1800 GMT, alongside the release of Personal Consumption Expenditures data on Thursday. The latter serves as a crucial indicator for the central bank as it strives to achieve a two percent inflation rate. It is generally believed that the central bank will maintain rates today, yet traders have an 84 percent probability of an interest rate increase in December, according to the CME's FedWatch Tool.

Higher interest rates impact the potential benefits of holding non-yielding bullion. Reportedly, inflation will persist in the global economy well into the following year, as indicated by a large number of economists surveyed by Reuters. They are increasingly apprehensive that price pressures could become entrenched beyond the rising energy costs stemming from the conflict in the Middle East.

Geopolitical developments include Iran-backed Houthi rebels, who attacked Saudi Arabia's Ras Tanura oil refinery, the largest in the kingdom, with a ballistic missile on Tuesday. In other news, Japan's core consumer price index, excluding one-time factors, increased in September at the fastest annual pace in three years, as data revealed on Tuesday, indicating growing price pressures that reinforce the argument for additional interest rate hikes.

Spot silver rose 0.10 percent to US$54.38 per ounce, platinum declined 0.20 percent to US$1,537.58, and palladium increased 0.50 percent to US$1,031.42.