Gold struggles amid stronger USD before Fed meeting

Despite raising its key interest rate, Governor of BOJ Ueda is cautious
WTI price retreats from a four-month high of $82.46
US Dollar Index edges up
The Bank of Japan's Decision
The Bank of Japan's decision to raise its key interest rate has propelled USD/JPY above 150. Despite wage growth and positive economic indicators, neither the bank nor markets perceive this move as a significant change. Governor Ueda's cautious tone hints at uncertainty regarding future rate hikes, particularly given potential inflation drops. This stance is interpreted as dovish by the market, leading to yen depreciation. While the Nikkei index hits record highs, not all sectors benefit equally.
US Dollar Index vs Gold
The US Dollar Index (DXY) trading on minor gains. Rising US Treasury yields also contributed to the positive start of the week. All eyes are now on the Federal Reserve (Fed) decision and the updated economic projections.
Gold price struggled to attract buyers, holding steady above a one-week low ahead of the FOMC meeting, ticking lower amid reduced Fed rate cut bets.
Oil Price
Oil prices correcting after reaching a four-month high as WTI reached $82.46 on Monday. Russia's decision to increase its exports in response to Ukrainian attacks on the nation's oil infrastructure has contributed to the decline.