TD Securities global head of commodity strategy Bart Melek said markets have largely priced out a Fed rate hike in tonight's decision and oil fell on Wednesday. If energy prices remain subdued, the Fed may be less aggressive with tightening; easing in long-end yields is also reassuring. Any Fed action should be seen as a tool to convince markets it will prevent inflation from running unchecked. Combined with the US Treasury's consideration of measures to lower long-end yields, these factors are

TD Securities global head of commodity strategy Bart Melek said markets have largely priced out a Fed rate hike in tonight's decision and oil fell on Wednesday. If energy prices remain subdued, the Fed may be less aggressive with tightening; easing in long-end yields is also reassuring. Any Fed action should be seen as a tool to convince markets it will prevent inflation from running unchecked. Combined with the US Treasury's consideration of measures to lower long-end yields, these factors are supportive for gold over the long term.