Gold prices hovered near one-month low on Wednesday, pressured by a resurgent U.S. dollar and elevated bond yields on concerns that interest rates may remain higher for longer.
Spot gold dipped 0.3 percent to $1,895.36 per ounce, while WTI crude futures jumped 1.3 percent to $91.55.
In an interview with the Times of India, JPMorgan CEO Jamie Dimon warned investors to prepare for a worst-case scenario where the Fed lifts rates to 7 percent alongside stagflation.
Minneapolis Federal Reserve President Neel Kashkari also wrote in an essay that there is a 40 percent chance the Federal Reserve will have to push rates "meaningfully higher" to combat stubborn services inflation.
In economic releases, a report on durable goods orders may attract some attention later in the day ahead of Thursday's update on U.S. second quarter GDP and Friday's fresh reading on PCE inflation, the Fed's preferred measure.
The results of a GfK institute survey showed earlier today that German consumer confidence is unlikely to recover in 2023 amid persistently high inflation.
The forward-looking consumer climate index fell to -26.5 in October, from a revised lower -25.6 the prior month.
