Singapore, October 28 (QNA) - Gold prices ​ticked lower on Wednesday after the previous session's climb of about 1 percent, ‌as higher oil prices stoked inflation fears while investors awaited the Federal Reserve's policy decision later in the day for clues to the rate outlook.

Spot gold was down 0.7 percent at USD 4,030.20 per ounce.

US gold futures for December delivery dropped 0.8 percent to USD 4,043.

Oil prices climbed more ​than 1 percent on Wednesday, raising expectations that the Fed will keep interest rates higher ​for longer, increasing the opportunity cost of holding non-yielding bullion.

Markets await the Fed's policy ​decision due later today, Wednesday, along with the Personal Consumption Expenditures data on Thursday, a key ‌gauge ⁠closely watched by the central bank as it targets a 2 percent inflation rate.

Among other metals, spot ​silver slid 1 percent to USD 53.82 per ounce, platinum lost 0.9 percent to USD 1,526.74 and palladium remained steady at USD 1,025.63. (QNA)