Gold Prices Soar Ahead Of US Federal Reserve's Anticipated Meeting

2025-05-28 09:14:18

(MENAFN- The Peninsula) QNA

Washington: Gold prices rose in Wednesday's trading as investors moved to buy following a dip in the previous session, amid market anticipation surrounding the upcoming US Federal Reserve's meeting on monetary policy and key economic data releases in search of signals regarding future interest rate decisions.

Spot gold increased by 0.6 percent to USD 3,320.58 per ounce, up from USD 3,285.19 in the previous session, while US gold futures also rose by 0.6 percent to reach USD 3,319.50.

Regarding other precious metals, spot silver edged up by 0.1 percent to USD 33.34 per ounce, platinum increased by 0.8 percent to USD 1,087.97 per ounce, and palladium rose by 0.1 percent to USD 979.57 per ounce.

The US Federal Reserve has held the benchmark interest rate steady within the range of 4.25 percent to 4.50 percent since last December, as officials await greater clarity on the economic outlook.

Policymakers, on the other hand, have also been grappling with market volatility triggered by US President Donald Trump's shifting rhetoric on trade negotiations.

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