Investors watch the Fed. The US dollar was volatile, and gold dropped 1%.

On Tuesday, investors focused on the upcoming Federal Reserve interest rate decision, and the US dollar index remained volatile, ultimately closing down 0.08% at 98.71. The benchmark 10-year US Treasury yield closed at 3.9800%, while the 2-year US Treasury yield, which is sensitive to the Fed's policy interest rate, closed at 3.4980%.

On Wednesday (October 29), in early Asian trading, spot gold hovered near its three-week low, currently trading around $3,940 per ounce. Spot gold hit a low of $3,886.51 during trading on Tuesday, the lowest level since October 6, and closed down 0.7% at $3,952.54 per ounce. The optimism surrounding Sino-US trade has surged, diminishing gold's appeal as a traditional safe-haven asset. Investors had previously viewed gold as a “moat” during uncertain times, but now, it seems that this moat is drying up.

Investors weighed the impact of sanctions against Russia and the increase in production by OPEC+, and international oil prices fell. WTI crude oil closed down 2.23% at $60.05 per barrel; Brent crude oil closed down 2.77% at $63.87 per barrel.