Gold prices saw an increase during trading on Wednesday, as investors await the results of the Federal Reserve’s meeting later today, with widespread expectations for a 25 basis point interest rate cut.
Futures prices for the yellow metal for December rose by 0.9% or $35.80, reaching $4018.90 per ounce, after previously dropping to $3928.30.
Spot gold prices increased by 1.5% or $58.44, reaching $4010.58 per ounce, while spot silver prices rose by 2.5% to $448.2.
The dollar index, which measures the performance of the U.S. currency against a basket of six major currencies, increased by 0.25% to 98.92 points at 11:22 AM Mecca time.
December silver futures jumped by 1.9% to $48.25 per ounce, while spot platinum prices rose by 1.15% to $1607.23, and palladium prices increased by 0.95% to $1415.2.
Markets are awaiting remarks from Federal Reserve Chair Jerome Powell following the announcement of the monetary policy decision to gain insights into policymakers’ views and the outlook for the U.S. economy.
